-For many years, the US's use of the global reserve currency dollar as a weapon and speculative moves have led countries to de-dollarization strategies..
In this process, countries other than local currency and dollar 3. The use of solutions that a country finds over money has been increasing lately..
After the Russia-Ukraine war, Russia started to use local currency and yuan., Similarly, Saudi Arabia plans to export oil to China in Yuan again.. On the other hand, the Russian nuclear power plant in Bangladesh 318 announced that it will pay the million-dollar installment in Chinese yuan.
After these developments “Is the US dollar dethroned??” while fueling the debate, a group of countries led by China, The Chinese yuan move, which he started to use to break the dominance of the US dollar, gave its first results. For the first time in history, it surpassed the US dollar as the most used currency in China's cross-border transactions..
DOLLAR DECISION FROM IRAQ
Finally, the Iraqi government, Banned the use of the US dollar in both personal and commercial transactions. It will no longer be possible to buy and sell foreign currency.
14 With the dollar ban that came into effect in May, it was aimed to popularize the use of the Iraqi local currency, the dinar..
The decision was taken to reduce the gap between the official government exchange rate and the exchange rate offered by the black market, which continues to fluctuate..
Statement by the Iraqi Ministry of Interior., “The dinar is the national currency in Iraq.. Your commitment to trade in foreign currency instead of foreign currency, strengthens the country's sovereignty and economy." statements were included
Anyone who trades in currencies other than Iraqi Dinars will be fined first., It is stated that if he repeats, he will face imprisonment., “Anyone who tries to undermine the Iraqi dinar and its economy will be held to account.” it was said.
Department of Crime of the Ministry of the Interior, will have merchants sign an undertaking to the government that they will only transact in local currency.
WORKPLACE OPENING LICENSE WILL BE CANCELED
According to General Hussein Al-Tamimi of the Crime Directorate, those who violate these commitments 1 million Iraqi Dinars will be fined and those who repeat can be jailed. 3For every violation, the prison sentence will be doubled and the business license will be revoked..
As Mohammed Shia al-Sudani's new government moves quickly to contain the financial crisis,, dollarization (reverse dollarization) It was stated that the move could result in disappointment in an unexpected way..