Baghdad:The Central Bank of Iraq (CBI) has issued a directive mandating banks to use an exchange rate of 1,520 Iraqi dinars per US dollar for electronic payment transactions conducted outside the country.

According to Iraqi News Agency, this directive requires banks and electronic payment service providers issuing cards to apply the specified exchange rate for transactions processed through payment gateways and point-of-sale terminals internationally. The CBI also stressed the importance of clearly and transparently disclosing any associated commissions to end-users while minimizing these fees to promote the use of electronic payments.

Additionally, banks and electronic payment service providers have expressed their readiness to comply with the CBI’s directive. They are committed to implementing these measures, which align with the CBI’s initiatives to build confidence in the electronic payment system, expand its user base, and promote a shift toward digital payment solutions.