Central Bank of Iraq suspends Western Union service for international money transfer

EconomyServiceThe Central BankCommentWestern Union

2023-10-12 05:15Font

Shafaq News / The Central Bank of Iraq decided, on Thursday, to suspend the “Western Union” service for international financial transfer and to another notice.

The company explained in a notice circulated that in implementation of the directives of the Central Bank of Iraq, the Western Union service was temporarily suspended as of 12-10-2023, in order to activate modern mechanisms and techniques to verify financial transactions that are in line with international best practices and instructions of the Central Bank of Iraq.

The notification addressed the company’s customers by saying: You will be notified as soon as the service is re-launched.

The governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, announced last September, that the bank went to dispense with “foreign transfers” next year, while he decided to limit internal commercial transactions to dinars instead of the US dollar, except for those delivered to travelers.

It is noteworthy that the central bank recently followed a new mechanism to auction the sale of foreign currency, according to the requirements and conditions of the Federal Bank, in order to track the dollar and stop attempts to smuggle the currency abroad.

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