Loading ...Iraq bans US dollar transactions in latest move towards ‘de-dollarization’
The Interior Ministry has said that violators of this ban will be subject to legal punishment, including fines and even jail time
The ban was enforced on 14 May and aims to boost the use of Iraq’s local currency, the dinar.
It is also designed to reduce the gap between the official government exchange rate and the exchange rate offered by the black market, which continues to fluctuate and has resulted in price surges.
In a statement, the Iraqi Interior Ministry said: “The dinar is the national currency in Iraq. Your commitment to transact in it instead of foreign currencies boosts the country’s sovereignty and economy.”
But…but….what about all that liberating and democracy building? Is this the thanks that “the coalition of the willing” get?