An Iraqi government bank decides to refuse the US dollar to collect insurance

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An Iraqi government bank decides to refuse the US dollar to collect insurance

On Wednesday, the “Al-Rafidain” Bank of the government declared that all cash insurances are now being collected in the Iraqi dinar currency only for internal credits, bank guarantees, and letters of guarantee issued to both government and private beneficiaries. This applies even if the insurances were initially in dollars and at the official exchange rate.

The bank has stated that payment for confiscated letters of guarantee will only be made in Iraqi dinars and at the official exchange rate.

It should be noted that this aligns with the government’s directive to conduct transactions in Iraqi dinars rather than dollars, and to bolster its value in the domestic market.