Government advisor: The success of the damaged currency exchange platform depends on ease of use and speed of completion.
Government advisor: The success of the damaged currency exchange platform depends on ease of use and speed of completion.
10-19-2026
The economic advisor to the Prime Minister, Mazhar Muhammad Salih, stated on Monday that the Central Bank of Iraq’s decision to establish an electronic system for replacing damaged currency is a positive and important step towards modernizing banking services, simplifying procedures, reducing bureaucracy, and enhancing transparency and efficiency in providing services to citizens. Salih told Al-Maalomah News Agency that “the decision reflects a trend towards employing technology in developing institutional work, which contributes to preserving citizens’ rights, strengthening confidence in the banking system, and supporting the digital transformation of financial services.”
He added that “the success of this initiative is not measured simply by the launch of the electronic platform, but rather by its effectiveness in practical application, ease of use, clarity of the replacement conditions, speed of processing requests, and ensuring that the service reaches all citizens without procedural complications.”
Salih emphasized the importance of this step serving as a successful model for modernizing banking services and establishing e-governance, which contributes to improving the quality of services provided to citizens.
The Central Bank of Iraq had previously announced the establishment of a new electronic system for replacing damaged currency as part of its efforts to simplify procedures and facilitate faster and more organized access to services for citizens.
The system allows citizens to submit requests to replace damaged currency electronically via the “Our” platform, by entering and verifying the required data. The relevant departments at the Central Bank will then complete the necessary procedures to finalize the replacement process.
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