The Central determines the terms of the non-negotiable banknotes

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The Central determines the terms of the non-negotiable banknotes

Post  Admin on Mon Apr 16, 2018 9:29 am


Economy News Baghdad

On Monday, the Central Bank of Iraq (CBE) set the terms of non-negotiable banknotes that are repaid after being deposited in the bank.
The Central Bank said in a statement read by "Economy News" that "the banknotes are not valid for trading if applicable one of the descriptions and compensates the holder of their full value as soon as they are submitted to government and private banks and subsidiaries and deposited in the Central Bank and the corresponding amounts in their accounts."
The bank said that "one of the conditions of banknotes not valid for trading is if the banknotes are smuggled or damaged, although not torn and not lose part of it, in addition to if the paper was damaged as a result of exposure to water," indicating that "the banknote will be invalid in the case of The banknote consists of two different parts.
"The other condition is that the banknote is affixed to a transparent tape or more along its length or width, or if the banknote was cut in more than one angle or loaned," the central bank said, noting that "the other conditions are if it contains seals or Writings do not affect the appearance of the outside, or if the bank lost 50% of its area.
The bank noted that "other conditions also if the monetary paper stuck strange materials and affected the features such as inks, dyes, glues, fats and oils, in addition to if the banknote perforated puncture or more and randomly."


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