Iraq has prohibited eight domestic banks from engaging in transactions involving the US dollar.

On February 4th in Baghdad, Iraq, the government took measures to address fraud, money laundering, and illegal uses of the US dollar by prohibiting eight local commercial banks from participating in U.S. dollar transactions. This action, aimed at curbing such activities, comes shortly after a visit by a senior official from the U.S. Treasury. The banks are now restricted from participating in the Iraqi central bank’s daily dollar auction, a crucial source of hard currency in the import-dependent nation, and an area of focus in the U.S. efforts to combat currency smuggling to neighboring Iran.

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