Baghdad – The Central Bank of Iraq announced updated guidelines regarding the use of credit and debit cards outside the country, outlining monthly spending caps for various categories including travel, medical expenses, and commercial transactions.
As per the bank’s statement, individuals are permitted to spend up to $5,000 per month — or its equivalent in foreign currencies — on each card used internationally. For pensioners, the monthly limit has been raised to $10,000.
Merchants conducting international business are now allowed a higher limit of $20,000 per month, while those seeking medical treatment abroad can access up to $50,000 monthly.
These adjustments aim to enhance oversight of international transactions and safeguard the country’s financial operations as global spending increases. The measures are also intended to help regulate the outflow of foreign currencies, particularly US dollars, from Iraq.
