Central Bank of Iraq Reduces Dollar Quota for Travelers to Promote Electronic Payments

The Central Bank of Iraq has issued new regulatory instructions regarding the mechanism for meeting the foreign currency demands of citizens traveling abroad. The monthly cash quota for adult travelers has been reduced to $2,000, down from $3,000. This measure is part of a comprehensive package of regulatory reforms aimed at ensuring equitable access to foreign currency, thereby enhancing the stability of the monetary market and improving resource management efficiency. The Bank emphasized that these purely regulatory procedures are designed to align with global advancements in payment systems by encouraging the use of electronic payment cards. This shift provides a secure and flexible method for covering travel expenses, driving the transition toward a digital economy, and bolstering confidence in the local banking sector without compromising citizens' rights.