Sudden halt of electronic payment cards outside Iraq
Sudden halt of electronic payment cards outside Iraq
2026-09-20
Shafaq News – Baghdad
An informed source revealed on Sunday that a number of Iraqi electronic payment cards have stopped making payments, purchases, shopping, and cash withdrawals outside the country, attributing this to a number of reasons, including high commissions, coinciding with the rise in dollar exchange rates.
The source told Shafaq News Agency that some of the disruptions are related to regulatory procedures between financial institutions and international payment networks, primarily Visa and Mastercard, indicating that financial institutions are updating their systems and operating mechanisms, which may affect some financial transactions outside Iraq.
He added that concerns related to the possibility of imposing US economic sanctions on Iraq, along with tightening auditing and monitoring procedures on electronic payment operations, are among the factors that may affect foreign financial transactions, particularly with regard to preventing money smuggling and money laundering and enhancing compliance with international financial standards.
The source pointed out the importance of the relevant authorities in the Central Bank of Iraq and the Ministry of Finance clarifying the reasons for the suspension of some cards and the mechanisms for addressing the problem, in order to ensure the continuity of electronic payment services for Iraqi citizens outside the country.
The Speaker of Parliament, Hebat al-Halbousi, had previously held a meeting with the head of the Financial Control Bureau, the head of the Retirement Authority, and the deputy director of Rafidain Bank, to discuss a number of financial files, most notably electronic payment, advances, loans, investment projects, and the file of foreign branches, with the aim of strengthening oversight of government financial institutions, protecting public funds, and verifying the movement of funds and cash assets.
Electronic payment cards stopped being able to conduct a number of online shopping and international payment transactions outside of Iraq yesterday, Saturday.
shafaq.com
