CENTRAL BANK: VISA AND MASTERCARD CARD ISSUE ABROAD TO BE RESOLVED NEXT MONTH
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, followed by “Al-Eqtisad News,” that “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 headed to organize this process, it required a set of procedures that must be worked on, so that we put it in its correct direction and according to acceptable standards, and therefore there were some stops 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 developing a plan to issue cards to small merchants, after completing consultations with companies,” “to accommodate the requests of merchants—a large segment of Iraqis—to cover their foreign trade without passing 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.”
(They are not using these cards with the “new” RV rate. If anyone tells you this they are crazy people. If these cards are used outside Iraq they use the same “official” rate of the CBI if they want to pay for goods in any other foreign country. It is the same if you use a charge card in Germany. The card will take your US. Dollar limit and convert it to Euros. Euros will pay the merchant. So let’s stop all this nonsense about these cards and having a new RV rate on them. This is so ridiculous it is so scary that anyone would even believe this crap, but these idiot intel gurus (like TNT Tony and Bruce. Are telling you this.) Yes, very sad with all the lies.)