In response to increasing concerns over the misuse of hard currency abroad, the Central Bank of Iraq has significantly intensified its restrictions on the international use of U.S. dollars through electronic payment systems such as MasterCard and Visa. Financial institutions, including Manjam F and others, have implemented strict withdrawal caps, now limiting foreign transactions to a range of $400–$700 per cardholder.
This development aligns with broader efforts by both Iraqi and U.S. authorities to mitigate the risk of money laundering and unauthorized dollar outflows. These joint efforts are expected to continue, with the U.S. Federal Reserve reportedly considering new security measures along its financial oversight mechanisms between June 1–6 if illicit transactions persist.
Locally, the daily and monthly withdrawal limits from Iraqi ATMs have also been restructured. According to informed sources, current regulations permit cash withdrawals of up to 500,000 Iraqi dinars per day, amounting to a maximum of 13 million dinars per month through international ATMs. Furthermore, the daily overseas withdrawal ceiling has been narrowed to approximately 1 million dinars, with strict monthly enforcement.
These measures reflect a deliberate attempt by the Central Bank of Iraq to control foreign currency circulation and maintain monetary stability. The initiative is aligned with broader economic and regulatory reforms underway, particularly those aimed at ensuring compliance with international financial standards.