Iraqi currency crash halts after meeting with U.S. official
Iraqi currency crash halts after meeting with U.S. official
BAGHDAD -
Iraq's currency ended its nosedive after a meeting between the Iraqi Central Bank head and a top U.S. Treasury official.
Under Secretary of the Treasury for terrorism and financial intelligence Brian E. Nelson said in a statement Saturday that he had met with Central Bank of Iraq Governor Ali al-Allaq in Istanbul the day before "to discuss banking sector reforms and a mutual commitment to anti-money laundering and countering the financing of terrorism."
He praised Iraq's "steadfast dedication" to improving its compliance with international standards and "offered continued co-operation in modernizing the banking sector," the statement said.
Measures taken by the United States in recent months to stamp out money laundering and the channelling of dollars to Iran and Syria from Iraq have severely restricted Iraq's access to hard currency.
Since the U.S. invasion of Iraq in 2003, Iraq's foreign currency reserves have been housed at the United States' Federal Reserve, giving the Americans significant control over Iraq's supply of dollars.
The Iraqi dinar slipped to around 1,750 to the dollar at street exchanges in some parts of the country on Thursday, compared to the official rate of 1,460 dinars for US$1. The devaluation has prompted protests and fears of inflation.
The currency began to halt its slide after Iraq's Central Bank said in a statement Friday evening that the Treasury had "expressed its readiness for the necessary flexibility to achieve common goals." As of Saturday, the dinar was trading at around 1,600 dinars to the dollar.
A delegation of Iraqi officials is set to travel to Washington next Friday.
Prime Minister Justin Trudeau’s office has announced that after nearly 24 hours of Liberal attempts to block it from happening, Trudeau’s chief of staff Katie Telford will testify about foreign interference.
A 15-year-old is facing a number of charges, including attempted murder, after two staff members were stabbed at a high school in Bedford, N.S., Monday morning.
A Virginia teacher who was shot and wounded by her 6-year-old student said it has changed her life and she has vivid memories and nightmares about that day.
The Intergovernmental Panel on Climate Change has just released a new report and its alarming conclusions are a must-read for anyone who cares about what kind of planet we’re going to leave to our kids, writes former NDP Leader Tom Mulcair.
Gwyneth Paltrow's trial is set to begin on Tuesday in a lawsuit filed by a retired optometrist who said that the actor-turned-lifestyle influencer violently crashed into him in 2016 while skiing in Utah at one of the most upscale ski resorts in the United States.
Razak Iyal was given a warm embrace as he officially became a Canadian citizen, more than six years after nearly freezing to death walking across the Canada-United States border in Manitoba.
March 21 is World Down Syndrome Day and to mark the occasion a Canadian organization launched a campaign showcasing older people living with the condition.
A 15-year-old is facing a number of charges, including attempted murder, after two staff members were stabbed at a high school in Bedford, N.S., Monday morning.
Rescuers have yet to recover any additional bodies from the wreck of a fire in Old Montreal last week. As of Tuesday morning, there were still six people missing. The body of one victim, a woman, was extracted on Sunday.
March 21 is World Down Syndrome Day and to mark the occasion a Canadian organization launched a campaign showcasing older people living with the condition.
New Brunswick's finance minister is scheduled to table a provincial budget Tuesday as the government grapples with problems in health care and housing and the effects of a population surge.
A grand jury heard from a potential final witness Monday in the investigation into Donald Trump as law enforcement officials accelerated security preparations in advance of a possible indictment and as fellow Republicans staked out positions in a criminal probe expected to shake up the 2024 presidential race.
The Biden administration is putting out the word that expected stopovers in the United States by Taiwan President Tsai Ing-wen would fall in line with recent precedent and should not be used as a pretext by China to step up aggressive activity in the Taiwan Strait.
A 72-year-old American imprisoned more than a year in Saudi Arabia over tweets critical of the Saudi crown prince was back with family members in Riyadh on Tuesday, but it wasn't clear whether the kingdom will drop a travel ban to allow him to return home to Florida.
Spain's leftist coalition government faces a no-confidence vote brought by the nation's far-right Vox party as lawmakers on Tuesday debated the motion, which has little chance of succeeding.
A Virginia teacher who was shot and wounded by her 6-year-old student said it has changed her life and she has vivid memories and nightmares about that day.
Paris police said Tuesday that 234 people were arrested overnight in the capital mostly for setting fire to garbage in the streets, after France's parliament adopted a divisive bill raising the retirement age from 62 to 64 that was pushed through by President Emmanuel Macron.
Prime Minister Justin Trudeau’s office has announced that after nearly 24 hours of Liberal attempts to block it from happening, Trudeau’s chief of staff Katie Telford will testify about foreign interference.
In an effort to keep the foreign interference story at the forefront, and to do an apparent end run around the Liberal filibuster blocking one study from going ahead, the Conservatives forced the House to spend Monday debating a motion instructing an opposition-dominated House committee to strike its own review.
A new report that looks at the prevalence of marketing to children inside grocery stores and restaurants suggests regulation is needed to help reduce unhealthy food temptations.
Health Canada has launched a new toll-free number, 1-844-POISON-X, or 1-844-764-7669, to help people across the country access critical medical advice related to poisonings more easily.
Experts say a growing number of people are seeking out platelet-rich plasma therapy to treat COVID-19-related hair loss. But how well does the treatment actually work?
TikTok on Tuesday rolled out updated rules and standards for content and users as it faces increasing pressure from Western authorities over concerns that material on the popular Chinese-owned video-sharing app could be used to push false information.
A Vancouver parent has launched a proposed class-action lawsuit against the makers of Fortnite, saying the popular video game is designed to be “as addictive as possible” for children.
Gwyneth Paltrow's trial is set to begin on Tuesday in a lawsuit filed by a retired optometrist who said that the actor-turned-lifestyle influencer violently crashed into him in 2016 while skiing in Utah at one of the most upscale ski resorts in the United States.
Keanu Reeves and Laurence Fishburne were among the 'John Wick: Chapter 4' stars honouring Lance Reddick, their co-star who died unexpectedly last week, at the film's Los Angeles premiere.
Public screenings of a slasher film that features Winnie the Pooh were scrapped abruptly in Hong Kong on Tuesday, sparking discussions over increasing censorship in the city.
The International Monetary Fund said Tuesday it is assessing Sri Lanka's governance in the first case of an Asian country facing scrutiny for corruption as part of a bailout program.
Stock markets rose in Europe and Asia on Tuesday ahead of a Federal Reserve decision on another possible interest rate hike amid worries about global banks.
Treasury Secretary Janet Yellen is trying project calm after regional bank failures, saying the U.S. banking system is 'sound' but additional rescue arrangements 'could be warranted' if any new failures at smaller institutions pose a risk to financial stability.
The 2023 World Happiness Report identifies the happiest nations, those at the very bottom of the happiness scale and everything in between, plus the factors that tend to lead to greater happiness.
March 21 is World Down Syndrome Day and to mark the occasion a Canadian organization launched a campaign showcasing older people living with the condition.
A deadly fire that swept through a building in Old Montreal on Thursday where several apartments were being used as Airbnb units is raising safety concerns about short-term rental properties. Here are several steps guests can take to protect themselves.
The NCAA changed its setup for the women's tournament this season, trimming the traditional four regional sites to two. Seattle and Greenville -- a city of 71,000 in South Carolina about halfway between Atlanta and Charlotte, North Carolina -- will each host eight teams before sending the winners on to Dallas for the Final Four.
Three misdemeanour charges were filed Monday against the son of Philadelphia Flyers interim general manager Danny Briere after a video posted on social media showed him and another Mercyhurst University athlete pushing an unoccupied wheelchair down a staircase.
More than 1,200 youth basketball players sang and danced their way into Frank Crane Arena on Sunday night for the opening ceremony of the Junior All Native Tournament.
U.S. auto safety regulators are investigating complaints from Honda Civic drivers that their steering can stick, causing a momentary increase in effort and increasing the risk of a crash.
The 2023 Challenger SRT Demon 170 will deliver 1,025 horsepower from its 6.2-litre supercharged V-8, and the automaker says it will be the quickest production car made.
For many electric vehicles, there is no way to repair or assess even slightly damaged battery packs after accidents, forcing insurance companies to write off cars with few miles - leading to higher premiums and undercutting gains from going electric.
