2024-01-29T17:42:26+00:00
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/ The Central Bank of Iraq issued new instructions on Monday regarding prepaid cards, including raising the daily and monthly limits inside Iraq while keeping the same limits outside Iraq.
The acting deputy governor of the Central Bank, Ammar Khalaf, said, according to a document obtained by Shafak News Agency, that “the controls on the limits of prepaid cards will be as follows:
First: The limits and ceilings for prepaid cards, the maximum limit is (10) million Iraqi dinars, and the monthly recharge ceilings for the card are (10) million Iraqi dinars, and it is the responsibility of banks and electronic payment service providers to reject any recharge operations that exceed the maximum balance limit.
Second: Local financial transactions within Iraq, the ceiling for withdrawals via ATMs within Iraq is two million dinars per day, or what is determined by the entity that owns the ATM, and the card’s total monthly balance should not exceed, and the limits for payment transactions via electronic payment gateways, local online shopping, and purchases through point-of-sale (POS) devices are within the card’s monthly balance.
Khalaf added, “Banks and electronic payment service providers have the freedom to set and determine a financial ceiling for payment and purchase transactions made through the aforementioned channels, provided that it does not exceed the total monthly card ceiling.”