Iranian traders buy dollars from Iraq to circumvent US sanctions
8/12/2018

Iranian traders have begun to accumulate foreign currency, especially the dollar, from Iraqi markets to circumvent US sanctions on Iran. These practices have led to a decline in the Iraqi dinar against the US dollar.

According to press reports, Iran is again trying to circumvent US sanctions, this time through Iraq and the means to buy the US dollar from Iraqi loot, and the aim is to face the deficit and economic collapse in Iran after Washington’s ban on the exchange of the dollar with the Iranian government.

The Iraqi dinar saw a decline in the exchange rate against the dollar after withdrawals from the markets, while economists attributed the reason for the decline of the Iraqi currency to buy Iranian traders through their agents in Iraq hard currency markets.

Experts in the Iraqi government called for the need to take quick steps to prevent the Iraqi currency from falling against the dollar, pointing out that this Iranian method is not new to circumvent US sanctions on Iran through Iraq.

The regime followed suit in Iran before reaching a nuclear deal with the West in 2015, specifically in 2009, after Western sanctions on Tehran over its nuclear program intensified.

The Iranian government is exploiting the situation in Iraq through loyalists to be an outlet to ease the sanctions and provide foreign commissions and gold and make Iraq a market for Iranian goods.

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