Eco
The Central Bank of Iraq announced a reduction in the costs associated with using electronic payment cards abroad, aiming to support and enhance the digital payment system. The bank stated in an official release that this measure is part of its regulatory and supervisory role in developing electronic payment systems, with a focus on enhancing transparency and protecting the rights of financial service beneficiaries. It confirmed the necessity for banks and electronic payment service providers issuing cards to adopt an exchange rate of 1520 Iraqi dinars per US dollar for transactions conducted through payment gateways and point-of-sale devices outside Iraq. The bank also emphasized the importance of clearly and transparently disclosing the fees associated with these transactions to the end user, while adhering to the minimum fee levels, contributing to supporting electronic payment operations. The statement noted the readiness of banks and electronic payment service providers to comply with these directives and cooperate in their implementation, supporting the Central Bank’s initiatives to build trust in the electronic payment system, expand its user base, and encourage the shift towards digital payment methods.
