Firas Al-Maslamawi, a State of Law MP, stated on Tuesday that the Federal Bank’s measures were the primary cause of the ongoing lack of financial liquidity and urged the Ministry of Finance to find alternatives.
“Iraq is not poor and has many resources,” Al-Maslamawi stated, “but there is a problem in delivering the oil sales money that arrives through the Federal Bank after three months.”
He continued by noting that “the external liquidity file requires a high-level government effort in order to resolve this issue and increase the quantities of dollars flowing into Iraq” and that “the means of delivering the dollar and its restriction by the Federal Bank cast a shadow over the creation of liquidity in the Ministry of Finance.”
He emphasized that in order to “dispense with the dollar,” it was necessary to “transform into agreements similar to the Chinese accounting agreements, providing services in exchange for oil,” and that “the US Federal Reserve is still imposing its conditions on Iraq to pressure the parallel market.”
