Iraqis Protest Fall In Currency Value After US Bans More Private Banks
On Wednesday, July 26, scores of Iraqis protested in front of the country’s central bank in the capital Baghdad following a massive fall in the value of the Iraqi dinar that is attributed to the recent US ban on 14 private banks. The market rate of the Iraqi dinar in exchange for one US dollar has climbed up to 1,570 from 1,470 in the last two days.
The US Treasury Department and the Federal Reserve imposed the bans this month, accusing the banks of money laundering and transferring funds to Iran. The banks insist that they “have nothing to do with political tensions and are independent financial institutions” willing to face an audit to dispel any notion of wrongdoing or criminal activity.