AJ
CBI is putting out instruction on how to handle
currency
Republic of Iraq Central Bank of Iraq
Subject: Extension of the validity period of the Iraqi dinar for a period of five years from the date of issuance.
Republic of Iraq Central Bank of Iraq
Number: 1 Date: 1/11/2023
To all banks, exchange companies, and financial institutions,
Subject: Procedures for the extension of the validity period of the Iraqi dinar for a period of five years from the date of issuance.
In reference to the decision of the Central Bank of Iraq No. 1/11/2023 regarding the extension of the validity period of the Iraqi dinar for a period of five years from the date of issuance, and in accordance with the provisions of Article (1) of the aforementioned decision, the following instructions and procedures are necessary for banks, exchange companies, and financial institutions:
The Iraqi dinar: The validity period of the Iraqi dinar will be extended for five years from the date of issuance, provided that the currency is in good condition and not forged or counterfeited.
Conditions:
Banks, exchange companies, and financial institutions must ensure that the currency is in good condition and not forged or counterfeited.
The extension of the validity period is for five years from the date of issuance.
Banks, exchange companies, and financial institutions must issue the currency in accordance with the legal requirements and regulations in force.
Procedures:
Banks, exchange companies, and financial institutions must comply with the instructions and procedures outlined in this document.
The currency must be stored in a secure manner to prevent any damage or forgery.
Banks, exchange companies, and financial institutions must report any cases of forgery or damage to the Central Bank of Iraq immediately.
Responsibilities:
Banks, exchange companies, and financial institutions are responsible for ensuring that the currency is handled and issued correctly.
Any violation of these instructions and procedures will result in legal consequences.
Monitoring and Compliance:
The Central Bank of Iraq will monitor the compliance of banks, exchange companies, and financial institutions with these instructions.
Regular inspections will be conducted to ensure adherence to these procedures.