Trade Bank denies its cards have stopped working abroad

BAGHDAD — The Trade Bank of Iraq said its payment cards are working normally inside and outside the country, after a former lawmaker said Iraqis abroad had been unable to use their cards for several days.

“Electronic payment cards issued by the Trade Bank of Iraq are operating normally and continuously inside and outside Iraq,” the bank said. “We also confirm that there has been no suspension of these cards. You can use your cards for cash withdrawals and purchases as usual.”

The complaint was not about TBI specifically. Former lawmaker Majid Shankali said on Monday that cards issued by Iraqi banks generally had stopped functioning abroad, affecting students studying overseas, retirees and travellers, and called on the Central Bank and commercial banks to explain the declined transactions and fix them.

TBI itself suspended overseas cash withdrawals on its Visa and Mastercard cards in February 2025, citing misuse, a restriction that applied to withdrawals rather than purchases. It did not say on Tuesday when that was lifted.

The complaints come as the Central Bank pushes travellers toward cards and away from cash. It cut the monthly cash dollar allocation from $3,000 to $2,000 in July, presenting payment cards as the alternative, and said on Saturday that its reserves were sufficient to settle card transactions, finance trade and supply travellers with dollars at the official rate. Card spending abroad settles at the official rate of 1,320 dinars to the dollar, while the parallel market reached about 1,602 at the weekend.