monetary expert, Manar Al-Obaidi, showed on that the united states selection to limit the operations of a big number of Iraqi banks, underneath the pretext of smuggling bucks to China and Iran, did now not achieve its goals, however as a substitute caused counterproductive effects that expanded the extent of remittances to the same international locations.
Al-Obaidi stated in a tweet observed by dinaropinions.com, that “america authorities had justified their selection by way of the fact that a massive portion of greenback income in Iraq are directed to China, which induced them to suspend some of Iraqi banks from foreign transactions, at the same time as maintaining the activity of overseas banks, in particular Jordanian ones.”
Al-Obaidi mentioned that “professional figures monitor a clear contradiction on this thought, as the volume of imports in the first quarter of 2025 amounted to approximately $4 billion, compared to $3.2 billion within the first area of 2023, i.e. before the restrictions had been imposed on Iraqi banks.”
He endured, “What truely happened turned into the exclusion of Iraqi banks from external monetary interest, even as the field turned into extensively opened to overseas banks, especially Jordanian ones, which rushed to expand inside the Iraqi marketplace and benefit from the remittance movement.”
Al-Obaidi concluded by means of pronouncing, “plainly the issue isn’t related to change or monetary policy, but alternatively to global family members for which the problem of dollar smuggling turned into used as a cowl, which allowed foreign banks to govern the Iraqi market, without changing the beneficiaries or the transfer directions.”
