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The Central Bank issues directives to banks regarding prepaid cards
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Baghdad today - Baghdad
Today, Saturday (August 19, 2023), the Central Bank of Iraq issued new directives to banks regarding prepaid cards.
A document issued by the bank on (August 16, 2023) called for "all banks to take new controls regarding prepaid cards for the purpose of regulating financial movements that take place inside Iraq."
She indicated that the controls included:
1- “The ceiling for withdrawals for local financial movements (inside Iraq) that are made through automatic teller machines ( ATMs ) for prepaid cards is 2,000,000 (two million Iraqi dinars) per day instead of (395,000) Iraqi dinars.
2- Raising the ceiling of the purchase movement through points of sale inside Iraq to be 10,000,000 (ten million Iraqi dinars), with a commitment not to exceed the monthly limit for charging the card, which is (10 million).
3- Reducing the electronic purchase ceiling to be (750) US dollars per day.
4- It is your responsibility to work on expanding your agent network by contracting with entities that are allowed to sell and market this type of card.
5- Excluding local financial movements on prepaid cards with the commitment contained in Paragraph (5) of the above circulars related to Merchant Category Codes ( MCC ), provided that they are within the legitimate purposes of purchase and payment.
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