The Central Bank of Iraq has revealed that all domestic and other trade transactions will switch to the Iraqi Dinar instead of the US Dollar, and foreign transfers will be discontinued starting next year.
The Governor of the Central Bank, Ali Mohsen Al-Alaq, confirmed that “the coming year will witness the restriction of internal commercial and other transactions to dinars instead of dollars, except for those amounts that are delivered to travelers.” Pointing out that “the bank is going to dispense with external transfers next year and local banks will rely on correspondent banks for external transfer operations.” Explaining that "the decision came after an agreement between the Central Bank of Iraq and the US Federal Reserve (the Central Bank), similar to countries around the world, where central banks do not perform executive duties, and their role is focused on supervision and control."
Source (Al-Arab Newspaper of London, Edited)
