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The Central Bank issues an explanation on the damaged billions

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The Central Bank issues an explanation on the damaged billions

Twilight News

The Central Bank of Iraq (CBE) on Wednesday issued a clarification on the seven billion damaged by the rains.

The bank said in a statement to the twilight news "in the light of Mithar currently on the subject of sinking the amount of 7 billion dinars, this bank would like to clarify the following:

1 - The accident took place in Rafidain Bank in 2013 at the time of Dr. Abdul Basit Turki as governor of the Central Bank in addition to being the head of the Financial Control Bureau at the time and has taken what must be taken in accordance with the law and instructions of the Central Bank and the supervisory bodies of the state.

2 - The functions of the Central Bank according to its law is the replacement of damaged and invalid papers and this is done continuously to maintain the sustainability of dealing in local currency and stability.

3 - The cost of replacing banknotes is the cost of printing, which is different from the value of the currency much and not loss of 7 billion dinars, as promoted by some. Note that the currency that sank would have been replaced even if it did not sink because the default life is over.

4 - The Central Bank expresses its deep surprise to raise this issue after five years and at this particular time, noting that the subject is settled procedural and legal in its history.

This bank calls on all media to be careful and accurate in the transmission of data and deal with it because of the impact on the state of financial stability and price achieved by the Central Bank of great efforts and recognition of international organizations over the past years.

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