It added that the competition among the banks in abiding by anti-money laundering and financing terrorism were the main reasons for the decline.
The decline in the US dollar in Iraq has been attributed to the adoption of new regulations enforced by the Central Bank of Iraq, according to a statement released in which the outline of new procedures was laid out.
CBI announced that the policy was leading to “pushingg aside the intermediaries” through more transparent procedures to sell the foreign currency.
The exchange rate is at 5000 Iraqi dinars for each 100 dollars.
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