Iraq to ban transaction in foreign currencies next month
The secretary general of the Iran-Iraq Joint Chamber of Commerce said the Iraqi government plans to prohibit transactions in foreign currencies as of January 2024.
MEHR: The secretary general of the Iran-Iraq Joint Chamber of Commerce said the Iraqi government plans to prohibit transactions in foreign currencies as of January 2024.
It has been approved that foreign currencies should not be used inside Iraq as of January 2024 and criminalization has also been considered for any violation, Jahanbakhsh Sanjabi stated.
All transactions will be carried out based on the national currency, he added.
All of the Iraqi petrodollars are deposited in a bank that the US Fed Reserve monitors, so the Iraqi people can spend their funds under the strict supervision of the US government, Sanjabi highlighted.
The secretary general stated that the Central Bank of Iraq restricted the distribution of foreign currency in 2023 in a way that the daily distribution of dollars was reduced to $48 million.
He went on to say that Iraq has inked a bilateral agreement with Turkey and the United Arab Emirates (UAE) in order to do trade exchanges using their national currencies.
