Central Bank of Iraq: Using payment cards will be completely free without any fee

The central bank clarified on Sunday the objectives of the instructions issued on prepaid cards, while noting punitive measures against banks that issued cards outside controls.

Deputy Governor of the Central Bank Ammar Hamad Khalaf said in a statement followed up by the insider, that: “The current government is interested in the subject of electronic payment,” noting that “the purpose of issuing instructions for electronic payment cards is to prevent the misuse of cards.”

He added that: “The bank’s instructions set the upper limit for amounts in the prepaid card, which is 10 million dinars rechargeable once with a ceiling not exceeding this amount, in addition to conditions for banks that issue these cards, which must include printing the citizen’s name on them, taking all information through official documents when issuing the card,” noting that “the company or the banking entity is responsible for the citizen’s information.”

He continued, “Tryings to smuggle a number of cards issued by banks and electronic payment companies licensed by the Central Bank, which did not include any name, were foiled with the aim of using them outside Iraq,” noting that “the Central Bank took measures with those banks in coordination with security authorities and border crossings that were able to seize those cards.”

He stressed that “the decision of the Central Bank regarding electronic payment cards stressed the need for this issued card to be registered in the name of a person with the issuing company,” pointing out that “the possibility of using these cards outside Iraq by withdrawing cash equivalent to $300 per day, provided that it does not exceed $ 3000 during one month.”

He pointed out that “the use of this card inside Iraq is in Iraqi dinars,” pointing out that “the citizen will not pay any fees for the process of using these cards inside Iraq.”