Baghdad: The Central Bank of Iraq has announced a significant change in its foreign currency regulations for travelers. The new directive reduces the monthly cash allowance for adult travelers to $2,000 from the previous $3,000 limit.

According to National Iraqi News Agency, the Central Bank’s statement highlighted that the newly issued regulatory instructions aim to enhance the management of foreign currency sales operations. The initiative seeks to improve the efficiency of resource allocation and aligns with international banking practices. This adjustment is part of broader regulatory reforms intended to ensure access to foreign currency for all citizens, thereby contributing to the stability of the money market and improving resource management efficiency.

The bank emphasized that these measures are strictly regulatory, designed to strengthen its ability to respond effectively and sustainably to economic shifts while keeping pace with global payment system developments. By promoting the use of electronic payment cards, including credit and prepaid options, as primary means for covering travel expenses, the Central Bank intends to provide greater flexibility for citizens. This transition supports the move towards a digital economy and aligns with modern international banking standards. The initiative aims to bolster confidence in the banking sector and serve Iraq’s economic interests.