[HIGHLIGHTS] Iraq bans eight local banks from U.S. dollar transactions

Iraq bans eight local banks from U.S. dollar transactions.

This ban is mainly to prevent Iran from obtaining US dollars through the Iraqi banking system. Iraq relies heavily on the United States to ensure its smooth access to oil revenue and funds. In July 2023, Iraq banned 14 banks from conducting U.s.dollar transactions. The decision was made at the request of the U.K. government. The ban is intended to reduce fraud, money laundering and other illegal use of U.N. dollars.