Central Bank of Iraq Issues New Directives on Prepaid Cards Limits Abroad

The Central Bank of Iraq directed all financial institutions to update payment regulations by adopting monthly limits of prepaid cards as daily caps for transactions made via Point of Sale (POS) terminals outside the country. According to an official circular, transactions abroad require the physical presence of the card (Card Present), while completely abolishing the previous daily ceiling of 500,000 Iraqi dinars strictly for these specific operations. The bank clarified that holders of company-issued prepaid cards can now make purchases abroad up to 5,000,000 Iraqi dinars per day, provided that the total monthly spending does not exceed the maximum threshold of five million Iraqi dinars.