Iraq has banned transactions in American currency, regardless of its purpose. In this respect informs News7.
In the report, it was pointed out that the USA has been using the dollar, the world’s reserve currency, as a weapon for many years. Therefore, such speculative moves force countries to turn to dedollarization strategies. In this regard, the Iraqi government banned the use of the dollar in both private and commercial transactions. You can no longer buy and sell currency.
According to Haber7, the rejection of the use of the dollar aims to popularize the local currency, the dinar. That’s why Iraqi officials said that this decision will only strengthen the country’s sovereignty and economy.
The publication stated that anyone who transacts using currencies other than Iraqi dinars will be fined. Repeated violations are subject to imprisonment. Therefore, currency traders will need to make a written commitment to the government, and in that commitment they will only commit to trade using dinars.
May 16 Venezuelan President Nicolas Maduro declarationHe said that the process of exiting the US dollar in world trade is accelerating. According to the Venezuelan President, we can assume that “we are starting to live in an accelerated process of dedollarization of world trade”, as many alternatives to the dollar have been put forward in the world.