THE CENTRAL BANK SETS A DATE FOR OPENING A NEW BANK IN THE US AND RESOLVING THE VISA AND MASTERCARD CRISIS.
Central Bank Governor Ali Al-Alaq confirmed on Saturday (April 26, 2025) that an agreement had been reached to open another bank in the United States to establish relations with Iraqi banks in money transfer operations.
Al-Alaq added in a statement followed by Baghdad Today that “the Central Bank aims to resolve the problem of Visa and MasterCard cards abroad within the next month,” noting that “a plan has begun to be developed to issue cards specifically for small merchants.”
The Iraqi banking sector faces challenges in international transactions, particularly regarding the use of electronic payment cards abroad, due to regulatory restrictions and global financial compliance requirements. The Central Bank of Iraq has been working for some time to strengthen banking relations abroad and open new channels to improve financial transfers and ensure smooth transactions for businessmen and citizens, as part of broader efforts to reform the banking system and bring it in line with international standards.
(This news is NOT all about the RVso let’s not go off half-cocked. However these U.S. banks could come in handy to exchange the IQD when the time comes.)