Iraq Central Bank says regulated dollar transactions rising
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Iraq's Central Bank has reported a significant increase in overseas dollar transactions through the official global SWIFT system. The country has imposed restrictions on the use of American dollars domestically and adopted the SWIFT system to tackle money laundering and ensure respect for international sanctions. Transactions through the Central Bank's electronic platform have increased from $50 million per day at the beginning of 2023 to around $200 million per day. However, the black market for dollars is still thriving, with the official exchange rate fixed at 1,320 dinars to the dollar and the unofficial market trading at 1,470 dinars per dollar. Iraq has close commercial ties with Iran, and sanctions preventing dollar transfers to Iranian banks have driven Iraqi traders to the black market. Iraqi authorities have banned more than 20 banks from conducting dollar transactions in accordance with US regulations, but they are allowed to operate local transactions. The Central Bank is in contact with the US Treasury to lift the ban.

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https://www.france24.com/en/live-news/20240325-iraq-central-bank-says-regulated-dollar-transactions-rising