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


On Wednesday, the “Al-Rafidain” Bank of the government revealed that for internal credits, bank guarantees, and letters of guarantee issued to both government and private beneficiaries, all cash insurances must be collected in Iraqi dinar currency alone. Even if the insurances are in dollars and at the official exchange rate, they must be converted to Iraqi dinars.

The bank stated, through a statement received by the Shafaq News Agency, that payment for confiscated letter of guarantee amounts will only be made in Iraqi dinars at the official exchange rate.

This is in accordance with government regulations to use Iraqi dinars instead of dollars and to strengthen its position in the local market.