Iraq: Airspace closure unlikely to disrupt dollar transfers from US
Shafaq News/ The recent suspension of air traffic is unlikely to affect the flow of US dollars into Iraq, amid escalating regional tensions, the Iraqi parliament's Finance Committee stated.
Committee member Moein Al-Kadhimi told Shafaq News that Iraq's oil revenues from exports are sent to an account at the US Federal Reserve, and later transferred to Iraq through financial remittances, rather than in the form of physical cash.
'Transfers are made from the Central Bank of Iraq to the US Federal Reserve,' Al-Kadhimi explained, 'and from there, the funds are sent to various countries from which Iraq imports goods for both the public and private sectors.'
He clarified that the suspension of aviation does not impact Iraq's ability to receive its oil revenues, adding that $1 to $2 billion still reaches Iraq in cash, ensuring domestic liquidity remains stable.
'Employee salaries will not be affected in any way. Cash flow is available, and salaries will be paid on schedule,' he emphasized.
Earlier, the Iraqi Civil Aviation Authority announced an extension of the closure of Iraqi airspace to all inbound and outbound flights, following an unprecedented wave of military escalation between Israel and Iran.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Iraqi News
2 hours ago
- Iraqi News
Iraq affirms support for Iran following Israeli assaults
Baghdad ( – The Iraqi Prime Minister, Mohammed Shia Al-Sudani, expressed on Sunday the Iraqi government and people's support for Iran, which is facing blatant Israeli aggression. Al-Sudani's remarks took place during his phone conversation with the Iranian President, Masoud Pezeshkian, in which he reiterated Iraq's commitment to Iran's security and stability, which are related to regional peace, according to a statement released by the Prime Minister's Office (PMO). Al-Sudani also stressed Iraq's commitment to preventing the war from spreading, citing measures taken by the Iraqi government to prevent Israel from violating Iraqi airspace. Iraq submitted a formal complaint to the UN Security Council earlier, condemning Israel's use of Iraqi airspace to carry out airstrikes against Iran, describing it as a violation of sovereignty and a threat to regional peace. Al-Sudani stated that Iraq is ready to provide the assistance required to deal with the consequences of the war against Iran within the context of Islamic unity. According to White House and Israeli sources, Israel's operation against Iran would last weeks and is being carried out with the implicit knowledge of the United States. Amid the recent escalation of hostilities, the death toll from Israel's attacks on Iran has risen to 78. On the other hand, Iran's counterattacks on Israel killed at least 10 people, according to officials in both countries.
Iraqi News
2 hours ago
- Iraqi News
Drones shot down in Iraq by International Coalition
Anbar – Two drones launched from Iran towards Israel were shot down over Iraq by the US-led international coalition to defeat the Islamic State group, two Iraqi military officials told AFP on Sunday. 'The international coalition at Ain al-Asad (military base) shot down two Iranian drones that were en route to Israel,' one official said, referring to an Iraqi airbase housing foreign troops in western Iraq. The drones were shot down overnight Saturday to Sunday, he added, speaking on condition of anonymity to discuss the matter. The other official said the drones were targeted because they entered the defensive perimeter of the anti-jihadist coalition, where troops are instructed to engage any potential threat. Israel on Friday launched unprecedented strikes on Iran, hitting military and nuclear sites as well as residential areas. In response, the Islamic republic has fired hundreds of drones and ballistic missiles at Israel. Several missiles and drones have fallen in Iraqi territory, mostly in the desert, without causing casualties. An 'explosive drone' was shot down by the coalition at Ain al-Asad on Friday, according to an Iraqi official. The government in Baghdad is a close ally of Tehran, but also a strategic partner of Iran's arch-foe the United States, which has some 2,500 troops in Iraq as part of the anti-jihadist coalition. Baghdad and Washington have agreed on a timetable for the gradual withdrawal of the coalition's forces. By September, the troops are scheduled to leave bases in federal Iraq — including Ain al-Asad — and by the end of 2026, they are set to withdraw from the autonomous Kurdistan region in northern Iraq. Influential Iraqi armed group Kataeb Hezbollah on Sunday warned the United States about direct involvement in Israel's attack on Iran. 'The Islamic republic needs no military support from anyone to repel the criminal Zionist entity — it has the men and capabilities to put (Israeli Prime Minister Benjamin) Netanyahu in the dust,' it said in a statement. 'We are closely monitoring the movements of the American enemy's army. If America intervenes in the war, we will act directly and without hesitation against its interests and bases throughout the region.'
Iraqi News
2 hours ago
- Iraqi News
Iran urges Iraq to block Israel's use of airspace
Tehran – Iran's President Masoud Pezeshkian urged Iraq on Sunday to block Israel from using its airspace and territory to launch attacks on the Islamic republic. 'We emphasise that the Iraqi government must exercise greater vigilance and protection of its borders and airspace so that Iraqi territory is not misused against the Islamic Republic of Iran,' said Pezeshkian in a call with Iraqi Prime Minister Mohammed Shia al-Sudani, according to the Iranian presidency website.
