On Thursday, the Iraqi Central Bank stressed the need from all Iraqi banks to execute the operation to replace the damaged Iraqi currency without any charges. The CBI issued a press statement that the banks approved entire amenability commitment issued by the department and treasury in 2017. It was also approved that the replacement of the damaged Iraqi currency operation will be done without paying commissions. The statement also pointed out that any amenability will not bear the bank breaching entire the legal ramifications according to the Article 63 of the Iraqi Central Bank Law No. 56 of 2004 amendment.
The Central Bank of Iraq has asked the Iraqi banks to provide the entire amount of damaged Iraqi currency exchanged by them and collected from Iraqi people until 31st May 2018. The Bank also stressed the need to respond the CBI request within three days from the date of this announcement. It is important that a large number of damaged Iraqi currency banknotes are still circulating and being traded in the Iraqi domestic markets. The Iraqi banks are still returning these banknotes again after the deposit from Iraqi people. Following is the letter forwarded by the Central Bank of Iraq to all Iraqi banks in the country.