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[size=38]The Central Bank is preparing to ban cash withdrawals and dollar transactions inside Iraq[/size]
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October 5, 2023[You must be registered and logged in to see this link.]
Baghdad/Al-Masala Al-Hadath: An official at the Central Bank of Iraq said that the country will ban cash withdrawals and transactions in dollars as of January 1, 2024, in the latest effort to limit the misuse of the country’s hard currency reserves in financial crimes and evade US sanctions on Iran.
Director General of the Investment and Transfer Department at the Central Bank of Iraq, Mazen Ahmed, said that the aim of the step is to stop the illegal use of about 50 percent of the $10 billion cash amount that Iraq imports annually from the Federal Reserve Bank in New York.
This step comes as part of a broader campaign to stop the economy's dependence on the dollar after residents began to prefer the US currency over the dinar.
Ahmed said that people who deposit dollars in banks before the end of 2023 will be able to withdraw money in dollars in 2024. But dollars deposited in 2024 can only be withdrawn in the local currency at the official rate of 1,320 dinars to the dollar.
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