The Central Bank of Iraq (CBI) said it will ban cash withdrawals and transactions in US dollars in a move that surprised markets. The move aims to stamp out 50 percent of the use of $10 billion that Iraq imports in cash from the New York Federal Reserve each year. The abrupt decision has sown confusion in the Iraqi financial markets. It is expected to lead to massive withdrawals, as predicted by several Iraqi bankers anticipating a significant wave next Sunday.
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Starting from January 1, 2024, Iraq plans to prohibit cash withdrawals and transactions in U.S. dollars. This decision is part of an effort to prevent the misuse of its hard currency reserves for financial crimes and to evade U.S. sanctions on Iran. The move intends to combat the illegal use of approximately 50% of the $10 billion that Iraq imports in cash from the New York Federal Reserve annually.
By Timour Azhari BAGHDAD (Reuters) - Iraq will ban cash withdrawals and transactions in U.S dollars as of Jan. 1 2024 in the latest push to curb the m.
Iraq will ban cash
withdrawals and transactions in U.S dollars as of Jan. 1 2024 in
the latest push to curb the misuse of its hard currency reserves
in financial crimes and the evasion of U.S..