In efforts to de-dollarize the economy, Iraqi Central Bank director-general of investment and remittances Mazen Ahmed said that Starting January 1, 2024, Iraq will prohibit USD withdrawals. This decision also aims to combat crime, as over USD 5 bln of cash imported from New York is used in illicit activities. Currently, the exchange rate stands at approximately 1,300 Iraqi dinars per USD. Meanwhile,China and Russia are leading efforts to decrease global reliance on the USD. China is urging Middle Eastern suppliers to trade using the yuan, while Putin mandates that specific nations only use the ruble for trade settlements.