2024-01-23T09:42:22+00:00
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/ An informed government source reported on Tuesday that electronic payment companies have started issuing cards to small traders with a financial ceiling of $100,000 per month for import purposes.
The source told Agency, “Based on the directives of Prime Minister Mohammed Shia al-Sudani and in light of the discussions that took place between the government, the Central Bank of Iraq and electronic payment companies for more than two months, a mechanism for issuing electronic cards for small traders has been approved, with a ceiling of $100,000 per month to carry out payment operations for import purposes, ensuring a reduction in demand for cash dollars by real traders.”
He added, “The new mechanism includes payment companies submitting a request to the Central Bank to obtain approval to create this product and launch the (merchant) card.”
He pointed out that “the use of the cards will be determined for small merchants in line with the external transfer controls issued by the Central Bank for the year 2023, provided that the ceiling for these cards does not exceed $100,000 per month, with the possibility of raising the ceiling in the future in light of the results of the actual application.”
The source added, “The cards are used for the purpose of purchasing goods and services from known suppliers under pre-defined white lists.”
He stressed that “the company bears its duty to implement due diligence in accordance with basic requirements, the most important of which are the main international sanctions lists of the United Nations, the Office of Foreign Assets Control, and the European Union.”
He concluded by saying, “The money of small traders is deposited in the branches of various Iraqi banks in Iraqi dinars.”