Economy News

The Central Bank of Iraq issued an explanation on the new edition of the currency

The Central Bank of Iraq, issued an explanation on the existence of the name of the Governor of the Central Bank of Iraq Ali Alalak in the new edition of the currency.

The Central Bank of Iraq said in a press statement received by the “Economy News” that “one of the basic functions of the work of the Central Bank of Iraq and provided for in Article IV of Law No. 56 of 2004 amending the” Issuance of the Iraqi currency and management as stated in Articles 32 and 33 of the same law where ” The Central Bank of Iraq alone without the right to issue currency currency paper and metal for the purpose of circulation in Iraq . “

“Under the regulations, the CBI has the right to determine the categories of paper and metal currencies, their measures, their forms, their material, their content, their weight, their design and other features . “

He pointed out that “the banknotes in various countries contain the signature of the Issuing Authority, which is the Governor of the Central Bank. Central banks have always put signatures of their governors on these securities in different forms.” Among them are the signature of the Governor, In the handwriting of the governor in the form of the name combination with a signature with special significance to the banknotes. Many central banks use this combination (name of the governor by hand) without signing to document the stage of issuance of the banknote.

He continued, “Of these examples Iraqi currency issued in 1932 as signed by the same formula Governor of the Central Bank of Iraq in 1964 and followed the approach of the central banks of Egypt, Saudi Arabia, UAE, Lebanon, Turkey and others, so the Central Bank of Iraq decided to include the name of the governor when reprinting or issuing any cash , In line with what was stated and with the latest trends found in the signature alone, the lack of significance required by the word (governor) on the banknote and that the currency committee in the Central Bank of Iraq concerned has taken this decision for months in accordance with all legal considerations and Organizational and international practices“. Source