Iraqi central bank bans use of dollar for internal transactions

Move comes as tension with US over money laundering and Iran causes growing dollar shortage

The Iraqi dinar

Iraq’s central bank said the country’s commercial lenders must only use domestic currency for internal transactions from January 2024, amid an increasing dollar shortage.

It will also allow firms to settle foreign transactions in foreign currencies other than the US dollar, governor Ali Mohsen al-Alaq announced on September 24. The move comes after tension between the US and Iraqi governments has led to a growing shortfall of dollars.

The Iraqi authorities have imposed an official exchange

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