The Iraqi dinar dipped sharply against the dollar on Wednesday, a few days after the US placed sanctions on Iraqi private banks for allegedly helping to transfer the greenback to Iran.
On Thursday, the Central Bank of Iraq announced that the US barred 14 Iraqi private banks from conducting dollar transactions after finding irregularities in transfers from last year.
The CBI said the banks had the freedom to use the Iraqi dinar and other non-US dollar currencies.
Over the past two days, the market rate jumped from 1,470 dinar to the dollar to 1,580 dinar, causing a chaos in the local market as the country depends heavily on imports.
Dozens of people protested outside the CBI headquarters in Baghdad on Wednesday, demanding immediate solutions from the government.
The representatives of the sanctioned banks denied any irregularities in their work, calling on government to intervene.
“We call on the brothers at the Iraqi government to use all the available means to undo the damage which occurred to us specifically, and to the Iraqi banking sector in general,” banker Haider Al Shamma said, reading from a statement on behalf the 14 banks.
"Forcing sanctions on a third of the Iraqi private banks from conducting dollar transactions will have negative consequences not only on the value of the Iraqi dinar against the US dollar, but it will have a very big impact on foreign investments.
"Our banks have nothing to do with political tensions but are independent financial institutions."
Since late last year, the Iraqi government has been trying to stop a currency crisis that has led to an increase in the price of goods, and led to street protests.
The Iraqi dinar has experienced volatility after the US tightened procedures for international transfers, with some blaming Washington for the currency's problems.
The US has complained that the dollar is being funnelled to Iran, Syria and Lebanon through the foreign currency auction run by the CBI. Iran and Syrian are under US sanctions.
Since then, the Federal Reserve Bank of New York has applied strict measures on requests for international transactions from Iraq, rejecting many and delaying others, leading to increased demand for the US dollar in Iraq.
It has also blacklisted several Iraqi banks suspected of money laundering and carrying out suspicious transactions.
The Iraqi government blames the US for the dollar chaos. It has taken a series of unsuccessful measures to contain the public's anger.
Stage 5 results
1 Tadej Pogacar (SLO) UAE Team Emirates 3:48:53
2 Alexey Lutsenko (KAZ) Astana Pro Team -
3 Adam Yates (GBR) Mitchelton-Scott -
4 David Gaudu (FRA) Groupama-FDJ 0:00:04
5 Ilnur Zakarin (RUS) CCC Team 0:00:07
General Classification:
1 Adam Yates (GBR) Mitchelton-Scott 20:35:04
2 Tadej Pogacar (SlO) UAE Team Emirates 0:01:01
3 Alexey Lutsenko (KAZ) Astana Pro Team 0:01:33
4 David Gaudu (FRA) Groupama-FDJ 0:01:48
5 Rafał Majka (POL) Bora-Hansgrohe 0:02:11
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2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
Scores
Day 2
New Zealand 153 & 56-1
Pakistan 227
New Zealand trail by 18 runs with nine wickets remaining
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Thursday’s fixtures
6pm: Hyderabad Nawabs v Pakhtoon Warriors
10pm: Lahore Sikandars v Pakhtoon Blasters
Teams
Chennai Knights, Lahore Sikandars, Pakhtoon Blasters, Abu Dhabi Stars, Abu Dhabi Dragons, Pakhtoon Warriors and Hyderabad Nawabs.
Squad rules
All teams consist of 15-player squads that include those contracted in the diamond (3), platinum (2) and gold (2) categories, plus eight free to sign team members.
Tournament rules
The matches are of 25 over-a-side with an 8-over power play in which only two fielders allowed outside the 30-yard circle. Teams play in a single round robin league followed by the semi-finals and final. The league toppers will feature in the semi-final eliminator.
Global state-owned investor ranking by size
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'The worst thing you can eat'
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
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