The Iraqi Central Bank permits to withdraw cash using Electronic Payment System

The Iraqi Central Bank has decided to permit Iraqi citizens to withdraw cash from the points of sale. These sale points have been opened by the agents of traders and electronic payment companies in the Iraqi domestic markets. The sale points were positioned in order to manage the operations related to electronic payment according to the strategic plan of the Iraqi Central Bank to adopt the electronic payment system within organized and efficient environment. A press statement issued by the Central Bank of Iraq and forwarded its copies to concerned traders and funds transfer companies. The CBI said in the statement that withdrawal of cash can be done through dealers and agents approved by the electronic payment companies in order to provide electronic payment services. These services include cash provided for withdrawal by the bank with updated records.

New Electronic Payment System in Iraq

These records include names of customers and the implementation of procedures to assure in accordance with the specific laws. These procedures will participate in the fight against smuggling, money laundering, and financing of terrorism according to the efficient system of electronic payment services. It is important that the Central Bank of Iraq has set a maximum limit of 2 million Iraqi dinars per day for the customers. The commission percentage will not be exceeded at 0.006 during the day. Point to be noted that the commission should not be imposed on less than 2 thousand Iraq dinars and entire operation will be available to the customers in the tape form. The CBI also explained that entire types of cards, including MasterCard, and Visa Card will be acceptable according to this newly adopted electronic payment mechanism. The Iraqi Central Bank is working very hard in order to stabilize Iraqi financial system. It will also provide a significant amount of support to the economic and financial system in the country.

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