Key Card Company has introduced a MasterCard for importers, allowing them to purchase goods from abroad at the official dollar rate of the Central Bank of Iraq, which is 100 USD per 132,000 dinars. This new initiative is seen as a major convenience for traders, addressing challenges they previously faced with the central bank’s foreign currency distribution.
The MasterCard program, developed in partnership with the Kurdistan Importers and Exporters Union, offers seven cards—five of which are free, while one is reserved for importers, enabling them to access funds for purchasing goods. Legal procedures required to prove business status had previously delayed this process, but the new system aims to streamline operations. Importers can use the card monthly, starting with 50 million dinars, and can increase the limit up to 150 million dinars. Traders operating multiple businesses can apply for additional cards.
Mustafa Rahman, President of the Union of Importers and Exporters, highlighted that while the initial limit of 50 million dinars may not meet the needs of larger importers, the initiative is still beneficial. It is expected that this move will encourage competition among traders, leading to lower prices and faster market access for consumers. Additionally, the Key Card initiative may support the development of the banking sector in the Kurdistan Region by reducing the need for cash imports and improving financial transactions.