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 <p>In a rather surprising development, <a rel="noopener noreferrer nofollow" title="Iraq" href="https://thebittimes.com/tag/iraq.html">Iraq</a> has officially announced its intention to ban all cash withdrawals and transactions in US dollars. The country’s Central Bank official has announced the ban, as it hopes to lessen misuse of the current reserve and US sanction evasion.&nbsp;</p>
 <p>Reuters reported the proposed ban, detailing the reasoning behind its imposition. Moreover, Mazen Ahmed, the <a rel="noopener noreferrer nofollow" title="Iraq" href="https://thebittimes.com/tag/iraq.html">Iraq</a> Central Bank’s director general of investment and remittances, discussed the decision’s motivations. Specifically, he pointed to the misuse of $10 billion that the New York Federal Reserve imports to the country every year.&nbsp;</p>
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    <p lang="en" dir="ltr">JUST IN: 🇮🇶 <a rel="noopener noreferrer nofollow" title="Iraq" href="https://thebittimes.com/tag/iraq.html">Iraq</a> to ban all cash withdrawals in US dollars.</p>
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 <p><strong>Also Read: 10 US Sectors to be Affected if BRICS Stops Using the Dollar </strong></p>
 <h2 class="wp-block-heading" id="h-iran-to-ban-us-dollar-withdrawal-and-transactions-in-2024">Iran to Ban US Dollar Withdrawal and Transactions in 2024</h2>
 <p>Following a greater international push for de-dollarization, <a rel="noopener noreferrer nofollow" title="Iraq" href="https://thebittimes.com/tag/iraq.html">Iraq</a> has announced that it will ban all cash transactions and withdrawals in US dollars starting in 2024. Moreover, they state that the decision is rooted in misuse of the currency, as discussed by Iran’s Central Bank officials.&nbsp;</p>
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 <p>Ahmed noted that around 50% of US cash imports are used illicitly, which has driven the decision. Additionally, Ahmed noted that any dollars that are deposited before the end of 2023 are still able to be withdrawn in 2024. However, he noted that after 2024, they are only going to be withdrawn in local currency. Specifically, at the official rate, which is 1,320, per the report.&nbsp;</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="576" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" alt="Iraq Flag" class="wp-image-90425 ewww_webp" sizes="(max-width: 1024px) 100vw, 1024px" data-src-img="https://cdn.thebittimes.com/images/2023/10/05/85973ecca0953124cc51ca91b603b4ff.webp" data-src-webp="https://cdn.thebittimes.com/images/2023/10/05/85973ecca0953124cc51ca91b603b4ff.webp.webp" data-srcset-webp="https://cdn.thebittimes.com/images/2023/10/05/85973ecca0953124cc51ca91b603b4ff.webp.webp 1024w, https://cdn.thebittimes.com/images/2023/10/05/85973ecca0953124cc51ca91b603b4ff.webp.webp 300w, https://cdn.thebittimes.com/images/2023/10/05/85973ecca0953124cc51ca91b603b4ff.webp.webp 768w, https://cdn.thebittimes.com/images/2023/10/05/85973ecca0953124cc51ca91b603b4ff.webp.webp 1536w, https://cdn.thebittimes.com/images/2023/10/05/85973ecca0953124cc51ca91b603b4ff.webp.webp 2048w, https://cdn.thebittimes.com/images/2023/10/05/85973ecca0953124cc51ca91b603b4ff.webp.webp 380w, https://cdn.thebittimes.com/images/2023/10/05/85973ecca0953124cc51ca91b603b4ff.webp.webp 550w, https://cdn.thebittimes.com/images/2023/10/05/85973ecca0953124cc51ca91b603b4ff.webp.webp 800w, https://cdn.thebittimes.com/images/2023/10/05/85973ecca0953124cc51ca91b603b4ff.webp.webp 1160w, https://cdn.thebittimes.com/images/2023/10/05/85973ecca0953124cc51ca91b603b4ff.webp 2560w" data-srcset-img="https://cdn.thebittimes.com/images/2023/10/05/85973ecca0953124cc51ca91b603b4ff.webp 1024w, https://cdn.thebittimes.com/images/2023/10/05/85973ecca0953124cc51ca91b603b4ff.webp 300w, https://cdn.thebittimes.com/images/2023/10/05/85973ecca0953124cc51ca91b603b4ff.webp 768w, https://cdn.thebittimes.com/images/2023/10/05/85973ecca0953124cc51ca91b603b4ff.webp 1536w, https://cdn.thebittimes.com/images/2023/10/05/85973ecca0953124cc51ca91b603b4ff.webp 2048w, https://cdn.thebittimes.com/images/2023/10/05/85973ecca0953124cc51ca91b603b4ff.webp 380w, https://cdn.thebittimes.com/images/2023/10/05/85973ecca0953124cc51ca91b603b4ff.webp 550w, https://cdn.thebittimes.com/images/2023/10/05/85973ecca0953124cc51ca91b603b4ff.webp 800w, https://cdn.thebittimes.com/images/2023/10/05/85973ecca0953124cc51ca91b603b4ff.webp 1160w, https://cdn.thebittimes.com/images/2023/10/05/85973ecca0953124cc51ca91b603b4ff.webp 2560w" data-eio="j">
  <noscript><img decoding="async" width="1024" height="576" src="https://cdn.thebittimes.com/images/2023/10/05/85973ecca0953124cc51ca91b603b4ff.webp" alt="Iraq Flag" class="wp-image-90425" srcset="https://cdn.thebittimes.com/images/2023/10/05/85973ecca0953124cc51ca91b603b4ff.webp 1024w, https://cdn.thebittimes.com/images/2023/10/05/85973ecca0953124cc51ca91b603b4ff.webp 300w, https://cdn.thebittimes.com/images/2023/10/05/85973ecca0953124cc51ca91b603b4ff.webp 768w, https://cdn.thebittimes.com/images/2023/10/05/85973ecca0953124cc51ca91b603b4ff.webp 1536w, https://cdn.thebittimes.com/images/2023/10/05/85973ecca0953124cc51ca91b603b4ff.webp 2048w, https://cdn.thebittimes.com/images/2023/10/05/85973ecca0953124cc51ca91b603b4ff.webp 380w, https://cdn.thebittimes.com/images/2023/10/05/85973ecca0953124cc51ca91b603b4ff.webp 550w, https://cdn.thebittimes.com/images/2023/10/05/85973ecca0953124cc51ca91b603b4ff.webp 800w, https://cdn.thebittimes.com/images/2023/10/05/85973ecca0953124cc51ca91b603b4ff.webp 1160w, https://cdn.thebittimes.com/images/2023/10/05/85973ecca0953124cc51ca91b603b4ff.webp 2560w" sizes="(max-width: 1024px) 100vw, 1024px">
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 <p><strong>Also Read: The US Dollar Overtakes All BRICS Currencies &amp; Gold </strong></p>
 <p>“You want to transfer? Transfer. You want a card in dollars? Here you go; you can use the card inside <a rel="noopener noreferrer nofollow" title="Iraq" href="https://thebittimes.com/tag/iraq.html">Iraq</a> at the official rate, or if you want to withdraw cash, you can at the official rate in dinars,” Ahmed said. “But don’t talk to me about cash dollars anymore.”</p>
 <p>Ultimately, Ahmed noted that cash withdrawals have continued to be misused. Subsequently, the country has regulated wire transfers, which were heavily used in efforts to conduct fraudulent transactions. Now, the withdrawal ban is set to continue the efforts to diminish misuse.&nbsp;</p>
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  <li>Iraq</li>
  <li>US DOLLAR</li>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/iraq-to-ban-all-cash-withdrawals-in-us-dollars-tbt65252.html">https://thebittimes.com/iraq-to-ban-all-cash-withdrawals-in-us-dollars-tbt65252.html</a></p>

Iraq to Ban All Cash Withdrawals in US Dollars

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