The Central Bank of Iraq directs all banks to take new controls regarding prepaid cards for the purpose of regulating financial movements taking place inside Iraq.
1- The ceiling of withdrawals for local financial movements (within Iraq) made through automated exchange machines (ATM) for prepaid cards shall be 2,000,000 (two million Iraqi dinars) per day instead of (395,000) Iraqi dinars.
2- Raising the ceiling of the purchase movement through points of sale inside Iraq to be 10,000,000 (ten million Iraqi dinars) with a commitment not to exceed the monthly limit for charging the card, which is (10 million).
3- Reducing the electronic purchase ceiling to be (750) US dollars per day.
4- It is your responsibility to expand your dealer network by contracting with entities that are allowed to sell and market this type of card.
5- Exclusion of local financial movements on prepaid cards with the obligation contained in paragraph (5) of the above related to merchant category codes (MCC), provided that they are included in the legitimate purposes of purchase and payment.
