How Iraq is Controlling IQD to USD Daily Exchange Amounts on Prepaid Debit Cards
In May of 2023, the Central Bank of Iraq (CBI) announced that Iraqi banks must follow the new regulations on prepaid cards, where their credit limit is not more than 10 million Iraqi dinars which is around $764 USD.
The CBI confirmed that the limits for the monthly recharge of prepaid cards will not exceed 10 million dinars, indicating that it is not responsible for rejecting any recharge operation for cards exceeding the balance limit mentioned in the statement, INA reported.
Now, here's the kicker: Withdrawals through ATMs are set to 300 USD per day or its equivalent in other currencies where cash withdrawals do not exceed $3,000 per month.
The new rules set purchases at $750 per day or its equivalent in other currencies and should not exceed the card’s monthly limit.
The Iraqi Dinar has never really been a part of the Forex Market.
