If Mirahmadi’s number is right, it means that Iranian banks will pay at least 800 billion Iraqi dinars to the pilgrims, which is equivalent to more than $600 million. Although the regime will sell the dinars to the pilgrims cheaper than the rate in the market, it can still pocket a large sum of its national currency and thus make a cash profit from its released funds. Earlier this week, the Biden Administration announced that some of Iran’s frozen funds in Iraq will go to Oman, acting as a conduit to release the money for purchasing non-sanctionable goods under US supervision. Iraq owes Iran around $11 billion for imports of gas and electricity, but US banking sanctions prohibit dollar transactions with Iran.
