How the Central Bank deals with burnt banknotes

Editor Hossam Al - Khafaji - Thursday 19 April



Alsumaria News / Baghdad
The Central Bank of Iraq, that the banknotes damaged due to burning or burial underground or any other reason provided to him and his branches exclusively.

The Central Bank said in a statement that in the event that it is not possible to count and sort the damaged banknotes for any reason, they are presented to the Committee for the evaluation of damaged banknotes in the center or branch to verify their authenticity and value estimation according to the mechanism:

First: Support from the Directorate of Civil Defense or the police station or the Supreme Judicial Council in respect of burnt banknotes that exceed one million dinars, in addition to providing evidence of the source of funds in respect of large amounts in excess of 10 million dinars.


Second: The Bank will collect 5% of the value of the damaged banknotes in its favor. The discretionary committee shall issue a decision within five business days from the date of receipt of the banknotes. The discretionary committee shall be chaired by the Director General.

Third: The compensation of the net damaged banknotes estimated by the committee up to JD 25 million shall be within the authority of the General Manager for issuing the treasury. Moreover, the value of the damaged banknotes shall be estimated at 5 million within the competence of the general manager Branch and furthermore, the central bank raises "center" without a check of the branch.

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