Iraq Launches Electronic Cards For Small Merchants To Confront The Dollar Crisis
January 24, 2024 Last updated: January 24, 2024 Al-Independent/- Yesterday, Tuesday, the Iraqi government issued a new mechanism for issuing electronic cards to small merchants, based on the directives of Prime Minister Muhammad al-Sudani.
This mechanism aims to reduce the demand for cash dollars by real traders, and enhance the role of banks in financial transactions.
The new issuance mechanism includes the following:
Payment companies submit a request to the Central Bank to obtain approval to create this product and launch the (merchant) card.
Determining the uses of cards for small merchants in line with the external transfer controls issued by the Central Bank for the year 2023.
The ceiling for these cards shall not exceed (100) thousand dollars per month, with the possibility of raising the ceiling in the future in light of the results of the actual implementation.
The cards are used for the purposes of purchasing goods and services from known suppliers under pre-defined whitelists.
The company bears its duty to apply due diligence and in accordance with basic requirements, the most important of which are the main international ban lists of the United Nations, the Office of Foreign Assets Control and the European Union.
Small merchants' money is deposited in various Iraqi bank branches in dinars.
Experts believe that this new mechanism will contribute to achieving the desired goals, through:
Facilitating the external transfer process for small merchants, which will reduce the demand for cash dollars.
Strengthening the role of banks in financial transactions, thus reducing black market exchange operations.
Monitoring external transfer operations, which will help in the fight against terrorism and corruption.
This step comes within the framework of the efforts made by the Iraqi government to address the dollar crisis in the country. https://mustaqila.com/العراق-يطلق-بطاقات-إلكترونية-لصغار-ال/
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