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Iraq will prohibit cash withdrawals and transactions in US dollars as of Janu, to implement a significant policy change to curb financial crimes and circumvent US Iraq will ban cash withdrawals and transactions in US dollars as of 1 January, 2025 in the latest push to curb the misuse of its hard currency reserves in financial crimes and Hace 5 días In a significant move to combat financial crimes, Iraq’s central bank has decided to prohibit five local banks from conducting transactions in U.S. dollars. This action aims to Starting from Janu, Iraq plans to prohibit cash withdrawals and transactions in U.S. dollars. This decision is part of an effort to prevent the misuse of its hard What Happened: The Central Bank of Iraq plans to halt U.S. dollar cash withdrawals and transactions beginning Jan. 1, 2025, to curb illicit cash flows from Iraq to Iran Frustrated, the Central Bank of Iraq finally decided to ban cash withdrawals and payments in dollars starting from Janu. After that date, dollars can only be Iraq is set to implement a ban on cash withdrawals and transactions in US dollars starting on Janu. This move is aimed at curbing the misuse of Iraq's hard Banning cash withdrawals and transactions in US Dollars: Starting, cash withdrawals and transactions in US dollars will be prohibited. This step is intended to curb the BAGHDAD,Iraq will ban cash withdrawals and transactions in U.S dollars as of Jan. 1 2025 in the latest push to curb the misuse of its hard currency reserves in financial Iraq will ban cash withdrawals and transactions in U.S dollars as of Jan. 1 2025 in the latest push to curb the misuse of its hard currency reserves in financial crimes and

Iraq to Ban All Cash Withdrawals in US Dollars: What You Need to Know

Big changes are coming to Iraq's financial system. Starting January 1, 2025, Iraq will ban cash withdrawals and transactions in US dollars, a significant policy shift designed to curb financial crimes and prevent the misuse of its hard currency reserves. This move, confirmed by multiple sources, including the Central Bank of Iraq, marks a crucial step in the country's efforts to combat illicit financial activities.

Why the Ban on US Dollar Cash Withdrawals?

The primary reason behind Iraq's ban on US dollar cash withdrawals and transactions is to address the pervasive issue of financial crimes. The Central Bank of Iraq has been increasingly frustrated by the misuse of its hard currency reserves, particularly in relation to illicit cash flows, allegedly including flows from Iraq to Iran. Iraq will ban cash withdrawals and transactions in U.S dollars as of Jan. 1 2025 to directly tackle these issues. This action aims to prevent the misuse of its hard currency reserves.

What Happens After January 1, 2025?

Starting Janu, cash withdrawals and transactions in U.S. dollars will be prohibited across Iraq. After this date, using US dollars for cash transactions will no longer be possible. The implication is that all transactions will need to be conducted using the Iraqi Dinar or through electronic transfers that can be tracked. This measure should dramatically improve transparency and accountability within the Iraqi financial system. The Central Bank of Iraq plans to halt U.S. dollar cash withdrawals and transactions beginning Jan. 1, 2025, to curb illicit cash flows.

Central Bank Action Against Banks

Further demonstrating its commitment to cracking down on financial crimes, Iraq’s central bank has decided to prohibit five local banks from conducting transactions in U.S. dollars. This action aims to further restrict the movement of illicit funds and enforce stricter financial regulations.

Key Takeaways: Iraq's Dollar Ban

  • Effective Date: January 1, 2025.
  • What's Banned: All cash withdrawals and transactions in US dollars.
  • Reasoning: Combating financial crimes and preventing the misuse of hard currency reserves.
  • Central Bank Involvement: Imposing restrictions on banks to ensure compliance.

Stay informed about this significant policy change as it unfolds. Iraq is set to implement a ban on cash withdrawals and transactions in US dollars starting on Janu, a move intended to reshape its financial landscape.

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