Information/follow up..
A senior official at the Central Bank of Iraq said on Thursday that the country will ban cash withdrawals and transactions in US dollars as of January 1, 2024, in the latest effort to limit the misuse of the country’s hard currency reserves.
Mazen Ahmed, Director General of the Investment and Transfer Department at the Central Bank of Iraq, told Reuters, and the information was reviewed by him, “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.” “.
He added, “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 But dollars deposited in 2024 can only be withdrawn in the local currency at the official rate of 1,320 dinars to the dollar.”
This step comes within the framework of a broader campaign to stop the economy’s dependence on the dollar after residents began to prefer the American currency over the dinar.
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