Central Bank clarifies damaged banknotes replacement method via electronic platform

The Central Bank of Iraq announced on Monday the details of the procedures for replacing damaged paper currency through the electronic system, confirming the exemption of damaged money from replacement fees provided there is no suspicion of deliberate negligence. The bank's media director, Haider Ghazi, stated that submitting applications to exchange damaged cash is carried out directly through approved banks, as any citizen is allowed to visit the bank to deposit damaged cash amounts. He explained that some banks' refusal at times to receive damaged currency led to obstacles for citizens, given that the central bank deals exclusively with banks and financial institutions rather than individuals directly. He confirmed the launch of an electronic platform via the Ur digital portal, which gives the citizen the opportunity to enter and register all necessary data based on the visual explanation and complete the necessary steps, so that a date is later set to review the competent authority and hand over the banknotes regardless of the amount. Regarding the regulations of the exchange process, he drew attention to the existence of strict regulations defining this, as monetary damages occur due to negligence and mishandling, while other cases stem from force majeure causes beyond the citizen's control that happen by chance. He added that in incidents where damage is free from negligence, cash replacement is done completely free of charge, while if clear default or negligence is proven, the bank does not bear the full replacement costs, and a specific percentage is deducted based on the prevailing instructions.