Rafidain Bank: The amount of seven billion dinars was damaged and replaced by the controls

Economy News - Baghdad

Rafidain Bank on Wednesday issued a clarification on the amount of seven billion dinars, stressing that these banknotes were "damaged and ready for replacement."

 

The director of the Rafidain Bank Khawla al-Asadi said in a statement, "Economy News", "What happened in 2013 of the losses in the street Rashid caused by heavy rain led to the cracking of some of the walls of safes and the rise in water level Tigris River above the level of safes, Led to the entry of water from the doors of safes and walls and through the drainage networks, which represents a force majeure on the bank.

 

"The destruction of banknotes and replacing them with the Central Bank is a legal process according to the law and controls and instructions adopted in the management of cash between the Central Bank and banks."

 

Al-Asadi pointed out that "the banknotes that were exposed to water in time are bad notes that were intended to be exchanged with the Central Bank, based on article 34, paragraph 1, of the Central Bank Law No. 56 of 2004, which states that the legal currency of non-negotiable paper and metal currencies Without prejudice to paragraph (h) of this Article, the Central Bank shall withdraw any paper or metal currencies that are in a non-negotiable condition and execute them and exchange them in paper or equivalent currencies in value.

 

"The replacement was at a cost and commission according to the controls of the Central Bank after due diligence was taken to prove the case and all concerned parties in the whole subject."

 

The governor of the Central Bank Ali Al-Alaq made statements during his hosting before Parliament, before Monday, "12 November 2018" in which he said that the amount of 7 billion Iraqi dinars were damaged by 100 percent, due to leakage of rainwater to the coffers of Rafidain Bank.




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Rafidain: The 7 billion dinars damaged is not valid for trading



November 14, 2018

Baghdad - Journal News

Khawla al-Asadi, director general of the Rafidain Bank, said on Wednesday that the 7 billion dinars damaged in the Rafidain Bank by rain in 2013 has no material value because it is damaged, and the Central Bank of Iraq had to change.

Al-Asadi said in a statement to the «Journal News», that "the money that was destroyed is old money and has become obsolete and is no longer the case of other documents, which are destroyed annually because of the lack of validity for use, such as exposure to tearing or omission by washing at home or foot.

On the other hand, experts in the financial and economic affairs pointed out that "the decision of the Central Bank to destroy the seven billion dinars as being unusable is a decision that falls within the routine and usual decisions in dealing with damaged banknotes, which are destroyed annually."

The specialists pointed out that "the timely management of the Central Bank of Iraq, represented by Dr. Abdel Basset Turki as governor of the bank and head of the Financial Control Bureau made its decision in a correct and sound and free from legal excesses."

The Iraqi parliament had hosted Ali al-Alaq, the current governor of the Central Bank of Iraq, and asked him a question among the questions about the work of the Central Bank and the monetary policy in the country. He replied that the value of banknotes that are damaged does not mean the value written on them, but in practice value a few cents "Noting that" the Central Bank dealt with the subject in accordance with the controls and instructions in force, and reviewed the volume of achievements achieved by the Central Bank in the last four years as the strengthening of the Iraqi economy. "

It is noteworthy that "the Central Bank has received the certificate of management of international cash and was able to maintain the cash reserve and reached to 60 billion Iraqi dollars, despite the difficult years experienced by the country as a result of fighting the price and low prices of oil and the central bank to exit the gray area and follow-up As well as control of the Iraqi currency auction and eliminate the gap in the dinar exchange rate between the supply and circulation in the markets by eliminating speculations and filling the gaps in the mechanism of the auction work that has been developed since 2004. "

http://www.aljournal.com/الرافدين-الـ7-مليارات-دينار-التالفة-غي/

New Central Bank comment on the damage of 7 billion dinars

Editorial Date: 2018/11/13 22:31


(Baghdad: Al-Furat News) The Director-General of Finance Department in the Central Bank of Iraq, Saleh Mahoud, on Tuesday, the currency damage occurred on 29 January 2014 and the amount of damage due to rainwater 7 billion and 500 million dinars and drowning was a fate.

"There is a big question mark why the subject raised these days and the task of the Central Bank to issue the currency and clean the damaged ones," Mahood told the {Euphrates News} that "fines were imposed on the damage of the currency and the bank to restore the rehabilitation of the coffers of Rafidain Bank.

He added that "the central bank has played its role in the process according to the law and its procedures, and that the process has been sound and according to the procedures and the function and functions of the Central Bank of Iraq and should not be confused, and the Central Bank instead of Rafidain Bank amounts drained by rainwater.

The governor of the Central Bank of Iraq agency, Ali Alaak, said during a meeting hosted by the House of Representatives, on Monday in response to a question on the causes of corruption of 12 billion dinars, "The damage was before taking office when the coffers of Rafidain Bank to sink because of heavy rains in 2012 And caused damage to banknotes after the arrival of water to the stores. "

Al-Alaq explained that "the Central Bank is replacing currencies when exposed to any damage was also imposed a certain fine on the management of Rafidain Bank, which was reduced after considering what was spent and fate, especially that these securities outside the age of time.

He pointed out that "the central bank lost the cost of printing banknotes and it does not represent much, knowing that the amount was up to 7 billion dinars and a value much less than that and we regret an international certificate of cash management."

And postponed the House of Representatives held its meeting and the completion of hosting the Governor of the Central Bank in a meeting on Tuesday of next week

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