Shafaq News- Baghdad

Some Iraqi electronic payment cards have stopped working for purchases, online payments, and cash withdrawals outside Iraq since September 19, an informed source told Shafaq News on Sunday.

The source attributed the disruptions to several factors, including higher transaction fees, while the dollar exchange rate has also risen. Some disruptions were linked to regulatory procedures between financial institutions and international payment networks, particularly Visa and Mastercard.

Financial institutions are updating their systems and operating procedures, which may also affect some transactions outside Iraq.

Concerns over the possible imposition of US economic sanctions on Iraq, alongside tighter auditing and monitoring of electronic payments aimed at preventing money smuggling and money laundering and strengthening compliance with international financial standards, were among the factors that could affect external financial transactions, the source added.

He called on the relevant authorities at the Central Bank of Iraq (CBI) and Finance Ministry to clarify why the cards had stopped working and explain how the problem would be addressed to ensure continued electronic-payment services for Iraqis abroad.

Read more: Technical outage halts electronic payments across Iraq