The Central Bank of Iraq has banned, effective 1 January 2024, the withdrawal of cash U.S. dollars from dollar denominated accounts, and transactions in U.S. dollars.
Accounts in U.S. dollars fed before the end of 2023 with dollars can withdraw cash dollars. Dollars deposited after 1 January 2024 can be only withdrawn in Iraqi currency converted at the official rate.
Currently the official rate is IQD1,320; but the parallel market is quoting IQD1,560 per dollar.
Source: Iraq News Agency.
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