Economy News

Central Bank: sinking of 7 billion dinars occurred in 2013 and not now

The Central Bank of Iraq announced on Wednesday that the sinking of 7 billion dinars occurred during the time of the former central bank governor, Abdul Basit Turki, not during the current governor Ali al-Alaq, calling on the media to be careful and careful in the transfer of news concerning the Central Bank because it affects stability Financial and price.

The central bank said in a press statement received by “Economy News”, “in light of what avenge the current issue of sinking the amount of 7 billion dinars, the incident occurred in Rafidain Bank in 2013 at the time of Dr. Abdul Basit Turki his role as governor of the Central Bank,” adding that Turki in addition To the fact that he was the head of the Financial Control Bureau in that period has taken what must be taken in accordance with the law and instructions of the Central Bank and the supervisory bodies of the State.

He pointed out that one of 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.

He added that “the cost of replacing the banknotes is the cost of printing, which is different from the value of the currency much, not loss of 7 billion dinars, as promoted by some,” adding that “the currency that was sinking would have been replaced even if it did not sink because its life is over.”

He stressed that “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 procedurally and legally in its history.”

The Central Bank called on the media to be careful and careful in the transmission of data and deal with it because of its impact on the state of financial and price stability achieved by the Central Bank of great efforts and recognition of international organizations during the past years. Source