New directives from the Iraqi Central Bank to regulate the movement of funds inside the country
New directives from the Iraqi Central Bank to regulate the movement of funds inside the country
2023-08-19 04:03
Shafaq News/ The Central Bank of Iraq issued, on Saturday, directives to all banks to take new controls regarding prepaid cards for the purpose of regulating financial movements that take place inside Iraq.
A document obtained by Shafaq News Agency showed that the directives included, “The ceiling for withdrawals for local financial movements (inside Iraq) that are made through ATMs for prepaid cards shall be 2,000,000 (two million Iraqi dinars) per day instead of (395,000) Iraqi dinars.” “.
The Central also recommended, “raising the ceiling of the purchase movement through points of sale inside Iraq to be 10,000,000 (ten million Iraqi dinars) with a commitment not to exceed the monthly limit for charging the card, which amounts to (10 million),” with “reducing the ceiling of electronic purchase to be (750). US dollars per day.
He stressed that banks should work “to expand your agent network by contracting with entities that are allowed to sell and market this type of card.”
He stressed, “The local financial movements on prepaid cards are excluded with the commitment contained in Paragraph (5) of the above circulars related to merchant category codes (MCC), provided that they are within the legitimate purposes of purchase and payment.”
shafaq.com
