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The Central Bank instructs banks to approve the validity of salary settlement cards for a period of 5 years. Document
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Baghdad today - Baghdad
The Central Bank of Iraq directed all licensed banks and electronic payment companies to approve the validity of cards for salary settlement only to be five years or more, to reduce the burden of renewal fees on employees.
According to a document issued by the bank on (July 13, 2023), and received by “Baghdad Today”, it is “based on the regulatory role of this bank in regulating the work of banks and electronic payment service providers, and for the purpose of adopting electronic payment tools instead of cash in financial transactions by encouraging the use of Bank cards, and in order to reduce the burden on citizens, and reduce the costs and efforts in the process of replacing debit electronic payment cards related to the settlement of salaries issued by you, you must take the necessary measures to make the validity period of these cards not less than (5) years from the date of their issuance.
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