Sunday new measures to ease the financial burden on users of electronic payment cards for transactions abroad, setting a specific exchange rate and calling for lower transaction commissions.
In a statement, the bank said it had directed banks and electronic payment service providers to apply an exchange rate of 1,520 Iraqi dinars per US dollar for transactions conducted through electronic payment gateways and point-of-sale terminals outside Iraq.
It also stressed that all fees and commissions must be clearly disclosed to customers, while keeping charges at the lowest possible levels to make electronic payments more affordable and accessible.
The bank noted that financial institutions and payment service providers had expressed their readiness to implement the new requirements.
The measures form part of broader efforts to develop Iraq’s digital payment infrastructure, strengthen public confidence in electronic transactions and encourage wider adoption of cashless payment methods.
