The Central Bank of Iraq exempts damaged currency from exchange fees and launches a new electronic mechanism.

Iraqi Central Bank Exempts Damaged Currency from Replacement Fees

The Central Bank of Iraq has announced an exemption from replacement fees for damaged currency in cases not resulting from negligence. This announcement coincides with the launch of a new electronic mechanism to streamline the procedures for replacing damaged cash.

Replacement Requests Processed Through Approved Banks

Haider Ghazi, the Director of Media at the Central Bank of Iraq, explained that citizens can submit requests for replacing damaged currency through approved banks. Citizens can deposit damaged cash at these banks, which will then handle the necessary procedures with the Central Bank.

Addressing Challenges Faced by Citizens

Ghazi noted that some banks previously refused to accept damaged currency, creating difficulties for citizens. He emphasized that the Central Bank interacts directly with banks and financial institutions, rather than dealing with citizens directly.

New Electronic Platform for Currency Replacement

The Central Bank has launched an electronic platform through “Oor,” allowing citizens to input required data and complete procedures online. After submission, the platform will schedule an appointment for citizens to visit the relevant authority and submit the damaged currency, regardless of the amount.

Differentiating Between Types of Damage

Ghazi confirmed that the replacement guidelines distinguish between damage caused by circumstances beyond citizens’ control and damage resulting from negligence or misuse. He clarified that damaged currency not due to negligence will be replaced without fees, while specific fees will apply to cases of negligence according to established guidelines.

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