Iraq – Analysts: The Central Bank’s decision to ban selling the dollar to those heading to Iran is an ineffective formality

Baghdad-Iraq 03/12/2018

Iraq’s Central Bank has recently instructed the banking offices not to sell the dollar to Iraqi travelers heading to Iran in response to the economic sanctions the US issued against Iran last November, which included banning dollar use in trade with Iran. Economists believe that this decision is useless and will not impact Iran’s economy, because of the wide-ranging commercial connections between the two countries, which are both connected with a 1500-kilometers-long border. They also said that this procedure is just a formality and it’s ineffective because those heading to Iran can get the dollar through other ways.