Al-Khafaji: Washington controls exchange rates and exploits oil revenues to impose its will on Baghdad.
Member of Parliament Miqdad al-Khafaji confirmed on Wednesday that the United States of America holds the reins of the Iraqi economy and directly controls the dollar exchange rates, indicating that the mechanism for supplying oil funds gives Washington the power to impose its will on Baghdad.
Al-Khafaji told Al-Maalomah News Agency that “Iraq is experiencing accumulated economic crises, the most prominent of which is the financial crisis related to the mechanism for supplying it with revenues from crude oil sold in global markets.”
He added that “all Iraqi oil export revenues go directly to the US Federal Reserve,” explaining that “the United States controls the mechanism for releasing these funds and supplying them to Iraq.”
He explained that “this dominance gives Washington direct and significant influence in determining and shaping the exchange rate policy of the US currency (dollar) within the Iraqi local market.”
It should be noted that the continued economic pressures and restrictions on Iraqi funds present the government with a real test of its ability to protect national sovereignty and regain control over the country’s financial and oil resources.
Almaalomah.me