The Central Bank Delivers A Devastating Blow To “Sailors”, 2 DEC

 The Central Bank Delivers A Devastating Blow To “Sailors”

ATM   Drains    The Central Bank of Iraq decided to deal a severe blow to people who use bank cards outside Iraq, in order to smuggle dollars.

The Iraqis called “sailors” to these people who reside in Dubai and use ATMs and points of sale.

An informed source told Al-Iqtisad News that the Central Bank obligated electronic payment companies to set the limits on cards for withdrawal and purchase outside Iraq, in order to limit people’s use of bank cards to smuggle dollars outside official controls.

The source, who preferred to remain anonymous, confirmed that these people were smuggling hundreds of bank cards from Iraq towards Dubai, and a group of people called “sailors” used them to withdraw from ATMs, in addition to agreements with shop owners to withdraw from POS machines under the pretext of purchasing goods in the country. Dubai.

The source indicated that this measure will lead to a rise in the exchange rate of the dollar in the parallel market, and the features of this rise will appear during the next two days, adding that the measure will contribute to forcing all people to deal with banks and make financial transfers at an exchange rate of 1,320 dinars.

The Central Bank set the ceiling as follows:

1. Ceilings for cards in US dollars outside Iraq

   - Monthly limit: $3780

Its equivalent in Iraqi dinars is 5,000,000 dinars

2. Daily cash withdrawal limits from automated teller machines (ATM) outside Iraq

   - Daily limit: 110 US dollars, or the equivalent of 150,000 Iraqi dinars

3. Monthly cash withdrawal limits from automated teller machines (ATM) outside Iraq

   - Monthly limit: 1,130 US dollars, or the equivalent of 1,500,000 Iraqi dinars.

4. Limits on the daily use of cards in electronic stores, online shopping, POS, and electronic payment outside Iraq

   - Daily limit: 370 US dollars, or the equivalent of 500,000 Iraqi dinars

5. Limits on the monthly use of cards in electronic stores and online shopping (POS and electronic payment) outside Iraq

   - Monthly limit: 3780 US dollars or the equivalent of 5,000,000 Iraqi dinars - https://economy-news.net/content.php?id=38040