ISIS have announced plans to adopt the US Dollar as their currency of choice when it comes to paying for things such as water and electricity.
The move represents a departure from the groups 2014 plans to mint its own gold, silver and copper Islamic dinar coins.
Hangthebankers.com reports:
The currency plan seems to have never gotten off the ground. The AP reports that the new “dollars only” rule come along with another pay cut for ISIS fighters and the elimination of benefits and perks, from bonuses to “free energy drinks and Snickers bars.”
The group’s finances have reportedly been battered by its loss of territory and airstrikes against its cash stores and oil fields as well as the Iraqi government’s decision to stop paying civil servants in areas controlled by the extremists, which reduces the potential money ISIS can collect in taxes.
Plummeting global prices have also reduced ISIS’s income from its black market oil.
All that sounds promising, but we’ve been seeing stories predicting ISIS’s imminent financial collapse for at least a year. It’s still hanging on.
Sean Adl-Tabatabai
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