Iraq to Ban Dollar Transactions in 2024 to Curb Misuse and Sanctions Evasion
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Iraq has announced it will ban all cash withdrawals and transactions in US dollars starting in 2024.
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The ban aims to lessen misuse of dollars and evasion of US sanctions, per Iraq's Central Bank.
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An official said $10 billion imported annually from the New York Fed is 50% misused.
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After 2024, dollars can only be withdrawn in local currency at the official rate.
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The ban continues Iraq's efforts to regulate transfers and curb fraudulent dollar transactions.