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Iraq has reached an agreement with the United States to resume dollar cash shipments after a months-long suspension, an Iraqi government spokesman said on Saturday, according to the official Iraqi News Agency.
Haider al-Aboudi said the agreement was reached during Prime Minister Ali Faleh al-Zaidi’s visit to the United States. The shipments are intended to meet domestic demand for foreign currency.
“A new shipment will arrive in the coming days,” al-Aboudi said, without providing the shipment’s value or a specific delivery date.
Why the dollar shipments were suspended
The United States suspended dollar cash deliveries to Iraq in April, including a consignment estimated at about $500 million, as Washington urged Baghdad to limit the influence of Iran-backed armed groups.
Dollar shipments are particularly important for Iraq’s cash-based economy. The country’s foreign currency reserves are held in an account at the Federal Reserve Bank of New York.
Iraq tightens oversight of foreign currency
Al-Aboudi said the agreement followed measures by Iraq to strengthen oversight of dollar distribution, prevent the misuse of foreign currency and expand electronic payments as the country gradually moves towards a more digital economy.
