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Tishwash:
The Central Bank Governor announces new initiatives to expand the operations of exchange companies.
The Governor of the Central Bank of Iraq, Nizar Nasser Hussein, met today, Wednesday, July 22, 2026, with a number of directors and board chairmen of exchange companies to discuss ways to develop the sector’s operations and enhance its role in supporting the national economy.
According to a statement issued by the Central Bank and received by Mawazin News, Governor Hussein emphasized the Central Bank’s commitment to revitalizing the exchange company sector and enabling it to play a more effective role. He also noted the importance of cooperation in addressing challenges and developing the non-banking financial sector.
He indicated that the coming period will witness the launch of new initiatives and activities to expand the scope of work of exchange companies and create new revenue opportunities, thereby strengthening their role in supporting the national economy and implementing initiatives that contribute to the sector’s development and raise compliance and governance standards.
Hussein stressed that the commitment of exchange companies to these international standards is a fundamental pillar for enhancing the sector’s efficiency and increasing public trust in it, as well as enabling companies to expand their activities and develop their services. He called for the continuation of their periodic meetings. (LINK)
Central Bank of Iraq Outlines Roadmap to Reduce Cash Reliance and Expand Digital Services
The Central Bank of Iraq (CBI) held an expanded meeting on Tuesday with licensed electronic payment providers to accelerate the nation’s digital financial transformation, strengthen financial inclusion, and curb card misuse.
Chaired by CBI Governor Nizar Nasser Hussein, the meeting centered on executing the regulator’s strategic roadmap to modernize Iraq’s payment ecosystem and transition away from a cash-heavy economy.
Addressing representatives from the sector, Al-Alaq stated that the upcoming phase demands a noticeable increase in service quality, efficiency, and system reliability to build public trust in digital transactions.
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Key Objectives and Strategic Focus
During the session, the central bank outlined several operational and regulatory priorities:
Compliance with Global Standards: The CBI urged payment firms to adhere strictly to international frameworks, particularly regarding cross-border financial transactions. Compliance is expected to enable higher card transaction limits and facilitate the rollout of new financial products.
Countering Card Misuse: Regulators and payment companies discussed joint enforcement procedures to prevent card misuse and enhance payment network security.
Expanding Acceptance Networks: Al-Alaq called on providers to expand POS (Point-of-Sale) acceptance networks, streamline digital collection processes, and deepen integration with licensed commercial banks.
The initiative comes as part of broader government efforts to modernize the national economy, reduce cash dependency, and implement modern financial infrastructure across both the public and private sectors. (LINK)
Iraqi Money Exchange Syndicate: Dollar smugglers are linked to criminal networks
The head of the General Syndicate of Exchange and Financial Mediation in Iraq, Diaa Al-Tai, provided clarification regarding the arrest of dollar smuggling networks, stressing that “criminal networks” are the ones carrying out the i*****l activities, and that official companies are not responsible for them.
Al-Ta’i told Rudaw Media Network on Wednesday (July 22, 2026) that “the issues being discussed relate to criminal networks operating outside the law. These people do not represent in any way licensed financial institutions or exchange companies that are subject to the supervision of the Central Bank of Iraq.”
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The Iraqi National Security Service announced on the 19th of this month the arrest of a network that smuggled more than one million dollars between Baghdad and Sulaymaniyah via Mastercard, in addition to the arrest of several other groups in Kirkuk, Basra and Nineveh.
Al-Ta’i added: “Licensed companies are fully committed to implementing the instructions and combating money laundering and t*******t financing, and they are subject to continuous monitoring and auditing.”
Regarding the Central Bank’s decision to reduce the dollar quota for travelers from $3,000 to $2,000, the head of the union explained that “this measure does not mean there is a shortage of foreign currency reserves, but rather comes within the framework of the Central Bank’s policy to develop mechanisms for selling foreign currency and encourage the use of electronic payment, in line with best international banking practices.”
Al-Ta’i expressed the readiness of exchange companies to cooperate with security agencies, saying: “Licensed companies are fully committed to the instructions of the Central Bank and are ready for all forms of coordination with regulatory and security authorities to confront any i*****l activity, with the aim of protecting market stability and preserving the national economy.” (LINK)
Source: Dinar Recaps
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