The Central Bank of Iraq issued a directive to approved banks and non-banking financial institutions calling for an end to exchange rate discrimination between older and newer issuances of US dollar banknotes. It instructed institutions to comply with existing rules governing the circulation and exchange of banknotes, applying the approved standards for foreign banknotes, particularly the US dollar. The Central Bank clarified that applicable laws, instructions and controls do not recognise any distinction between different editions of the US dollar. It will continue to accept and process these issuances through all approved banks, provided the banknotes meet internationally and locally adopted standards and controls, with the stated aim of supporting safe monetary transactions and market stability.
Central Bank of Iraq 2026-02-16
Central Bank of Iraq instructs banks to stop applying different exchange rates for older and newer US dollar banknotes
The Central Bank of Iraq directed banks and non-banking financial institutions to cease exchange rate discrimination between older and newer US dollar banknotes. It emphasized compliance with existing rules and standards for foreign banknotes, ensuring all editions of the US dollar are treated equally. This measure aims to support safe monetary transactions and market stability.