PM's advisor: Launching the (Visa Direct) service will contribute to reducing the exchange rate

Baghdad - INA

Advisor to the Prime Minister, Fadi Al-Shammari, today, Friday, considered the launch of the (Visa Direct) service for transferring money abroad a successful step that will facilitate the work of small merchants, stressing that it will contribute to reducing the exchange rate in the parallel market, and its procedures take only 5 minutes.

Al-Shammari told the Iraqi News Agency (INA): “The launch of banking work during the era of the current government is taking place with a new vision and modern mechanisms, and First Bank of Iraq is the first bank to launch the direct financial transfer service digitally through the (Visa Direct) service.”.

He added, "This development is a major achievement that is linked in one way or another with the strategic vision held by the government and launched by the Prime Minister in financial, banking and economic management, and is also consistent with the new directions of the Central Bank in the process of re-evaluating, restructuring, organizing and maturing the banking work in Iraq, and we are now witnessing the start of "It will have a significant impact on the commercial and banking reality in Iraq.".

He continued, "We hope that citizens will interact with this banking service, which will contribute to cutting off speculators in the black market, and the Visa Direct service will include many small merchants and will help them access a clear, explicit, official, and legal platform to transfer money abroad easily and conveniently, from account to account, at the official exchange rate.".

He pointed out that "this service will contribute to a decrease in the exchange rate in the parallel market within the framework of ongoing government work to regulate banking work."
Earlier, the Central Bank of Iraq announced the launch of the “Visa Direct” service to facilitate financial transfers, in coordination with the international company “Visa” and cooperation with the First Bank of Iraq. 

The bank confirmed that the “Visa Direct” service is for direct financial transfer to the bank’s customers in Iraq, and it was launched digitally for the first time through a special application, and every customer in the First Iraq Bank (FIB) can transfer five million dinars daily, and 13 million dinars monthly, which will be calculated at a priceof the official exchange.

Central Bank Governor Ali Al-Alaq said during his speech at the service launch conference: “The Visa Direct tool came at the right time to facilitate transfer operations, especially simple transfers at the citizen level.”.

He stated, “This tool facilitates the demand for foreign currencies, and we are trying to expand access to these currencies in easy ways,” stressing, “The issue of foreign transfers, selling the dollar, and the exchange rate are fundamentally linked to employing as many electronic tools as possible.”