dijlahpoint - The Central Bank of Iraq confirmed the obligation of all banks and electronic payment service provider companies issuing cards to officially adopt the US dollar exchange rate of 1,520 Iraqi dinars per dollar, exclusively for transactions executed via electronic payment gates and point-of-sale devices outside the country.
Within the framework of its regulatory and supervisory role, the bank indicated that these measures aim to develop the electronic payment system, enhance transparency standards, protect the rights of financial service beneficiaries, and encourage reliance on digital tools in commercial transactions across borders.
The monetary authority stressed the necessity of clear and transparent disclosure of resulting commissions to beneficiaries while adopting the minimum possible limit, amidst a wide response and full readiness from the concerned banking institutions to comply with these directives.
