Iraq’s Financial Committee Calls on Central Bank to Shift Away From US Dollar

In a statement, Iraq’s Finance Committee has called on the Central Bank to “get rid of the dominance of the dollar by diversifying our cash reserves from foreign currencies,” adding that Iraqi oil should be sold in other foreign currencies.

The decision comes as the US Treasury Department imposed sanctions on the Al-Huda Bank, accusing it of being a “a conduit for terrorist financing, as a foreign financial institution of primary money laundering concern,” for the IRGC-QF and Kata’ib Hizballah.

The committee also accused the Treasury Department of “using the pretext of money laundering to impose its sanctions against Iraqi banks,” which they say will “repercussions and consequences on the livelihood of our citizens.”