Al-Alaq: We are working to solve the problem of Visa and MasterCard cards abroad.
Central Bank Governor Ali Mohsen Al-Alaq announced on Saturday that the issue of Visa and MasterCard cards abroad will be resolved within the next month.
Al-Alaq said in press statements: “The Central Bank has completed the two tasks related to cash sales and foreign transfers, but the card crisis witnessed a state of “misunderstanding.”
He explained, “When we moved to organize this process, it required a set of measures that must be worked on, so that we put it on the right path and according to acceptable standards. Therefore, there were some pauses and some changes in the paths.”
Al-Alaq said: “An agreement was reached with all concerned parties - which include Visa and MasterCard, in coordination with the Treasury, the Federal Reserve, and the auditing company - on the “formulas and paths for settling these cards,” stressing that “the Central Bank has taken rapid steps in this regard, expecting to complete this task within the next month, i.e. before the scheduled date for this process, which is June 1.”
Al-Alaq revealed that “work has begun on a plan to issue cards to small merchants, after completing consultations with companies,” “to accommodate the requests of merchants—a large segment of Iraqi society—to cover their foreign trade without going through long routes, so that transfers can be made directly, which will create a major shift in accommodating merchants who do not use formal transfer methods.”
Al-Alaq noted that “the Central Bank, in agreement and consultation with the Treasury and the Federal Reserve, has completed the organization of cash dollar sales operations, and is now in an “ideal position, by their own testimony.”
He described foreign commercial transfers as “progressing very smoothly, as we have expanded the network of correspondent banks abroad in the US and elsewhere. An agreement has also been reached to open another bank in the US to establish relationships with Iraqi banks in transfer operations.” link