The Middle Eastern country is cracking down on the US dollar months after it banned all cash withdrawals in the currency. Eight local banks are banned from accessing the daily US dollar auction conducted by Iraq’s Central Bank. The local banks will no longer have access to the US dollar reserves the country’s Central Bank holds, watcher.guru.com reported.
Also, the move plays straight into the BRICS playbook where the alliance aims to stall the growth of the US dollar.
Moreover, Iraq is trying to control the black market transactions of the US dollar that’s hampering its native economy.
Iraq aims to control the fluctuating black market exchange rate, that has been plaguing the country for long enough, the report added.