By John Lee.
The Central Bank of Iraq (CBI) has issued new regulatory instructions governing the mechanism for meeting foreign currency demand for citizens travelling abroad, reducing the monthly cash allowance for an adult traveller to $2,000, down from $3,000.
According to the CBI, the move forms part of a package of regulatory reforms aimed at developing the management of foreign currency sales operations, improving the efficiency of resource distribution, and aligning with international banking best practices.
The Bank said the measures are intended to ensure foreign currency reaches all citizens, while supporting the stability of the currency market and improving the efficiency of resource management.
It stressed that the measures are purely regulatory, forming part of efforts to strengthen its ability to respond to economic changes efficiently and sustainably, while keeping pace with global developments in payment systems.
The Bank is encouraging the use of electronic payment cards, whether credit or prepaid, as the main and safe means of covering travel expenses outside Iraq. It said this would provide greater flexibility for citizens, support the shift towards a digital economy, and align with modern international banking standards, in a way that reinforces confidence in the banking sector and serves the country's wider economic interests.
(Source: Central Bank of Iraq)
No comments yet.