The Iraqi TBI Bank Suspends Cash Withdrawals Using Visa and MasterCard
The Iraqi Bank for Trade and Investment (TBI) has temporarily suspended the ability to withdraw cash using Visa and MasterCard, according to a senior bank official. This decision arises in response to emerging concerns regarding corruption involving the manipulation of dollar transactions.
In an official statement made on February 26, the bank indicated, “To mitigate risks associated with the fraudulent use of electronic Visa and MasterCard cards, cash withdrawals using these cards outside Iraq have been suspended.” This measure is part of the bank’s effort to ensure greater financial integrity and security.
A senior source within the bank elaborated that the suspension is closely related to the ongoing issues with dollar misappropriation, with certain individuals reportedly using these cards to extract significant amounts of dollars abroad. “The suspension is intended to be temporary and will be lifted following a thorough update of the relevant information and data,” the source affirmed.
Established in 2003, TBI Bank plays a pivotal role in the Iraqi financial landscape, providing approximately 80% of business financing in the country. The bank boasts a network of 25 branches across Iraq, facilitating a wide range of financial services.
