Al-Sudani discloses new details on escalating Dollar crisis

Shafaq News / Iraqi Prime Minister Mohammed Shia al-Sudani held a press conference on Tuesday to discuss the intricacies of the dollar crisis, characterizing it as a "battle." Additionally, he revealed the apprehension of a network of "prominent currency speculators" with ties to speculators in the Kurdistan Region.

During the press briefing, al-Sudani emphasized, "The dollar crisis is not a mere financial challenge; it represents a significant struggle between the government's commitment to achieving comprehensive financial and banking system reforms and the adverse impact caused by a group of speculators and smugglers."

He further asserted, "We are resolutely continuing to pursue currency speculators and smugglers," pointing out that the US Treasury's decision on 14 Iraqi banks is not a punishment. The US Treasury clarified that these 14 banks are not wanted to deal in dollars, and they exist and operate in Iraqi dinars and other currencies.

In a related context, the Prime Minister mentioned that the National Security Service carried out a heroic operation that targeted a network of major currency speculators. These speculators were manipulating exchange rates and had contacts with individuals who obtained dollars from the market.

Al-Sudani disclosed that these major currency speculators had affiliations in the Kurdistan Region, acting as conduits for currency smuggling activities. He added, "Through cooperation with the Kurdistan Region, a network of speculators in Erbil was also dismantled."

Moreover, PM al-Sudani brought attention to one of the apprehended speculators who had previously received a life imprisonment sentence for the same offense in 2001 but was subsequently granted amnesty in 2002.