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TEHRAN (Tasnim) - In tandem with the BRICS philosophy, Iraq banned eight of its banks from initiating transactions in the US dollar, so ditching US dollar from the global In a strategic move echoing the philosophy of the BRICS alliance, Iraq has recently prohibited eight banks from engaging in transactions using the U.S. dollar. This bold Iraq is moving in tandem with the BRICS philosophy as it banned eight banks from initiating transactions in the U.S. dollar. The Middle Eastern country is cracking down on the U.S. dollar Multilateral organizations backing by the western world, such as, the International Monetary Fund (IMF), the World Bank and the World Trade Organization (WTO) agreed for mutual Iraq is intensifying its restrictions on the U.S. dollar, following its previous ban on all cash withdrawals in this currency. It has prohibited eight banks from conducting

BRICS & De-Dollarization: Iraq Bans 8 Banks from US Dollar Transactions

Is the global dominance of the US dollar waning? In a significant development, Iraq has banned eight of its banks from initiating transactions in the US dollar, signaling a potential shift away from reliance on the American currency. This move is being viewed within the context of the growing influence of the BRICS alliance and its push for alternative financial systems.

TEHRAN (Tasnim) - In tandem with the BRICS philosophy, Iraq banned eight of its banks from initiating transactions in the US dollar, so ditching US dollar from the global.

Iraq's Strategic Move Mirrors BRICS Goals

In a strategic move echoing the philosophy of the BRICS alliance, Iraq has recently prohibited eight banks from engaging in transactions using the U.S. dollar. This bold step is being interpreted as part of a broader trend of de-dollarization, with countries seeking to reduce their dependence on the US currency for international trade and financial operations.

Why the Ban? Combating Illicit Financial Flows

Iraq is intensifying its restrictions on the U.S. dollar, following its previous ban on all cash withdrawals in this currency. It has prohibited eight banks from conducting USD transactions as part of an effort to curb illicit financial flows and money laundering. This crackdown aims to strengthen financial stability and ensure compliance with international regulations.

Iraq is moving in tandem with the BRICS philosophy as it banned eight banks from initiating transactions in the U.S. dollar. The Middle Eastern country is cracking down on the U.S. dollar and aiming to control currency speculation within its borders.

BRICS and the Challenge to the US Dollar

The BRICS nations (Brazil, Russia, India, China, and South Africa) have been actively promoting the use of their own currencies in international trade and investment. This push for de-dollarization is driven by a desire for greater financial autonomy and a reduced vulnerability to US economic policies. Multilateral organizations backing by the western world, such as, the International Monetary Fund (IMF), the World Bank and the World Trade Organization (WTO) agreed for mutual cooperation.

Implications for the Global Financial System

Iraq's decision to ban dollar transactions in certain banks, coupled with the broader BRICS agenda, raises important questions about the future of the global financial system. Will other countries follow suit and accelerate the move away from the US dollar? The long-term implications of this trend remain to be seen, but it is clear that the global financial landscape is undergoing a period of significant change.

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