Is Iraq joining BRICS and banning US dollar cash withdrawals? Recent developments suggest a potential shift in Iraq's financial policy, sparking discussions about its alignment with BRICS nations. Iraq is intensifying its efforts to regulate the flow of U.S. dollars within its borders, and a significant move has been implemented: Iraq has prohibited eight banks from conducting transactions in U.S. dollars. This action could be seen as a move to implement the BRICS policy and reduce reliance on the USD. The country announced a ban on all US dollar cash withdrawals which will be in effect from Janu [assumed typo should be January], although a later clarification stated that the ban would start on Jan. 1, 2025, as Iraq’s Central Bank aims to lessen the misuse of the current system. The development comes a week after Iraq announced a ban on all cash withdrawals in the US dollar, signaling a strong commitment to this new regulation. Banning cash withdrawals and transactions in US Dollars: Starting Jan 1, 2025, cash withdrawals and transactions in US dollars will be prohibited. This step is intended to curb the flow of USD outside of official channels and promote the use of the Iraqi dinar. Follow our coverage for the latest updates on Iraq's economic policies and its potential association with BRICS.