Damaged banknote? How UAE Central Bank helps you get compensation

Dubai: Have a torn or damaged banknote? The Central Bank of the United Arab Emirates (CBUAE) has issued clear guidelines on how to replace damaged or mutilated banknotes, including the conditions under which compensation will be provided.

Compensation depends on condition

According to the CBUAE, compensation will only be granted after verifying the authenticity of the damaged note. The amount you receive depends on how much of the original note remains:

• Full Compensation: If two-thirds or more of the original banknote (or combined parts) is intact, the holder will receive the full face value.

• Half Compensation: If more than one-third but less than two-thirds of the banknote remains, the holder will be entitled to half the note’s value.

• No Compensation: If one-third or less of the note is intact, no compensation will be provided.

Applicable only to official currency

These rules apply strictly to banknotes issued by the Central Bank. Each case will be individually assessed for authenticity and eligibility before any compensation is issued.