The Central Bank of Iraq outlined on Monday a new mechanism for replacing damaged banknotes, introducing an online application service through the Ur platform and clarifying that replacement fees depend on the circumstances that caused the damage.
Haider Ghazi, the bank’s media director, said applications must be submitted through commercial banks, which are responsible for receiving damaged cash. He noted that some banks’ refusal to accept damaged banknotes had created difficulties for citizens seeking replacements.
Ghazi explained that the Central Bank has introduced an electronic service allowing applicants to enter the required information and complete the necessary procedures through the Ur platform. Applicants will subsequently be assigned an appointment to visit the relevant authority and hand over the damaged notes, regardless of the amount involved.
Regarding fees, Ghazi stated that banknotes damaged by accidents or circumstances beyond the holder’s control can be replaced free of charge. However, where damage results from negligence or inadequate care, a specified fee may be charged in accordance with the bank’s applicable regulations.
The new procedures are intended to streamline the replacement process, make the service more accessible to citizens, and ensure compliance with the rules governing damaged currency.
