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Rafidain Bank: This fact sinking and damage the seven billion

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10:30 - 13/11/2018

Baghdad 
Mawazeen News The  director of the Rafidain Bank, Khawla al-Asadi, revealed the reasons for the damage of 7 billion dinars from the bank account to blame the negligence of Al-Rasheed Street, indicating that the water leaked to the treasury was a waste water. 
Al-Asadi said in a press statement that "the erosion of Al-Rasheed Street brought rainwater into the bank's treasury and the water flowed to it, which was empty and the currency was old and can not be pumped into the market." 
She pointed out that "the damaged currency had to be delivered to the Central Bank," noting that "the average age of cash does not exceed the year, which is damaged is old and obsolete, even if it remained more than 48 hours to be not," noting that "of the currency is the damaged category thousand dinars.
"The currency that was flooded by the rainwater was not negotiable," she said.
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."
The House of Representatives Arja held its meeting and the completion of hosting the Governor of the Central Bank in a session on Tuesday of next week. 
Ended 
 m h n 

https://www.mawazin.net/Details.aspx?jimare=19938

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Why aren't these same people, and millions more, demanding the head of Maliki....the guy responsible for the financial tailspin of the whole country, countless deaths, theft of billions of DOLLARS, an

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POSTED ON 2018-11-14 BY SOTALIRAQ

 

 

The sinking of the seven billion in Rafidain Bank

 

 

Since the governor of the Iraqi Central Ali al-Alaq about the damage of about seven billion dinars (six million dollars) within the Rafidain government until the conversion of his statement to the subject of ridicule and the occasion to criticize the corruption in Iraq. 
The statement of the shocking relations came during the parliament session last Monday, but the announcement of the relations and drew a number of activists questioned through the means of communication. 
And the circulation of writers, academics, journalists and Iraqi activists through the means of communication video speaking through the House of Representatives, and said that the rainwater in the country recently entered the coffers of Rafidain Bank and caused serious damage to banknotes stored, the Chairman of the House of Representatives "damage 100 percent ?! ". 
"In this case, Rafidain Bank is requesting the replacement of these damaged banknotes by the Central Bank," he said, adding that the bank keeps documents proving the validity of the issuance of currencies that have been damaged.
He explained that in accordance with the regulations and instructions followed, the central currency is replaced by the currency when exposed to damage due to various incidents such as drowning, burning or anything else. 
Al-Alaq pointed out that the losses do not actually mean seven billion dinars, but only include the value of printing the paper, which starts from two to four cents. 
Local media have reported that the losses of the Rafidain Bank because of the rains amounted to ten billion dinars, and included damage to various categories of the local currency. 
The legal expert Gamal al-Asadi said on Twitter, "Janab Governor of the Central Bank said that the banknotes 7 billion worth as long as it is in the coffers of the bank.

Is it in the central banks in the world this principle, or that the amounts deposited in it are within the monetary mass of the country, and contribute to economic and financial activity. 
"When Pharaoh sank into the sea, he did not lie to God and admitted the truth and called for amnesty. In Iraq, the treasury of the central bank came out, claiming that it sank 7 billion dinars, did not recognize the truth and did not demand an amnesty. " 
As for the poet and journalist Abdel-Zahra Zaki, he asked: "Is it reasonable that the honorable staff and experts of the Central Bank and the Rafidain Bank, former and current, do not show who is talking frankly and clearly about a farce of seven billion dinars as a result of the rain?" 
"Let's assume the validity of the claim! , What are the actions of the bank and the government against the negligent, causing what happened? "
"How does the government trust the measures to save public money? How do people trust the government in the absence of strict legal deterrence if the claim is true or proven invalid? "He said. 
Zaki expressed his disappointment with what was happening by saying, "But is there still trust? , Reaching this level of degeneration of job behavior is a disgraceful expression of the magnitude and horrors of what we are. " 
The writer and journalist Falah Al-Mishal reduced the shock by saying, "I know the 7 billion people who planted the rain with their bodies in the houses of the hummus." Top of Form 
The writer and poet Hamid Qassem ridiculed the incident. "He said. 
He added in a notation on his Facebook, "means the central bank of the country (or Rafidain Bank in another novel) Biah holes of his face (like you) miss her? "He said. 
"It has become 80 years since the bank was founded, and we have not heard of it. "He said.
He added "a million million? Do you have a thousand million of them? Even your lies are trivial and cheap like you, but you do not fear the sergeant or Hassib because al-Hasib is not sure of you, Shen Halsfakha who passed 328 deputy Murshi? As for those who are excluded, who will make you ashamed, and you will worship Allah and His slaves in the name of religion, as you are masters, and the people are your servants? " 
Zain .. Win the damaged money, if it disappeared like the body of Khashoggi? They mean they loot us and they laugh at us. " 
"The talk about the damage of 7 billion dinars or the loss is a talk that lacks scientific and ridiculing that issued by politicians !! The damage took place in the value of the paper currency, which is about 3 - 4 cents .. The value of the same currency has moved from the damaged currency to the new currency in exchange! .. The equation is not very complicated .. It was necessary as a normal parliamentary procedure to form a committee to examine the damaged currency.
He pointed to two options first, "if the damaged currency is forged means that there was manipulation in Rafidain Bank aimed at replacing the value of the currency." 
The second option is "if the damaged currency is real, the Central Bank's procedure to replace it is normal and proper, but it must take punitive measures against Rafidain Bank because of the measures of prevention and protection of the currency." 
Baghdad has seen recent heavy rains flooded many of the streets, but Rafidain Bank did not announce the exposure of his money to sink. 
Talks have been criticized by many activists for communication and skepticism about the health of these large sums of money, noting that banks are usually equipped with safes that keep banknotes from water, fire and other risks.
Critics of Ali Shaker al-Makhzoumi, who said in a tweet on Twitter, "If you say the seven billion dollars of rat loans or locust attacks would have been believable but you did not get in Seoul to flush out billions and these are open practices of theft." 
For his part, activist Abdul-Ella Al-Shabibi said in a comment on Twitter, "experts in theft and looting of funds ... We demand a detailed report on the operation of the bank's damaged or sinking, which was swept by rain water, which led to our loss of 7 billion dinars, as the governor said the funds are not safe what was entrusted "He said. 
Zuhair al-Zubaidi surprised on Twitter, "Of course the public money is loose and not prudent and sergeant, God willing, and yes, the agent of you .. The relationship says that the rain water that entered the Rafidain Bank, has destroyed 7 billion !!" 
is over

https://www.sotaliraq.com/2018/11/14/غرق-المليارات-السبعة-في-مصرف-الرافدين/

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Who's lying?

 

Alak said this:

And on the "damage" 12 billion dinars in Rafidain Bank, said Alalak that it happened "before receiving (the post of governor of the Central Bank)," noting that the funds "draws because of damage suffered by Rafidain Bank."

 

Parliamentry Finance says:

 

The sources revealed during the parliament session on Monday that "(7) billion dinars, was damaged as a result of the entry of rainwater and sinking the coffers of Rafidain Bank in 2013, causing damage to the banknotes," noting that "the real amount is (7) Not (10) ".

He pointed out that "this happened" before taking over (the post of governor of the Central Bank), "noting that the funds" draws because of damage suffered by Rafidain Bank. "

 

Suron says:

 

"The central bank and the banks have huge private deposits to keep money and deposits and are fully insured from all climatic conditions and to protect them against thefts and others," MP Ali Ghawi said. 
He added that "the claim of the governor of the bank more than seven billion dinars after the rain is surprising and confirms the existence of suspicions of corruption," wondering, "Was the Central Bank offered funds in public squares, what they offered to rain water or exist in private pickups?"

 

Rafadian Bank said:

 

Al-Asadi said in a press statement that "the erosion of Al-Rasheed Street brought rainwater into the bank's treasury and the water flowed to it, which was empty and the currency was old and can not be pumped into the market." 

 

She pointed out that "the damaged currency had to be delivered to the Central Bank," noting that "the average age of cash does not exceed the year, which is damaged is old and obsolete, even if it remained more than 48 hours to be not," noting that "of the currency is the damaged category thousand dinars.

 

Writers, academics, journalists and Iraqi activists:

 

And the circulation of writers, academics, journalists and Iraqi activists through the means of communication video speaking through the House of Representatives, and said that the rainwater in the country recently entered the coffers of Rafidain Bank and caused serious damage to banknotes stored, the Chairman of the House of Representatives "damage 100 percent ?! ". 

 

Local media:

 

have reported that the losses of the Rafidain Bank because of the rains amounted to ten billion dinars, and included damage to various categories of the local currency

 

I can't wait for next Tuesday!

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This could be a set-up to get rid of Alak!

 

The announcement of the damage of 7 billion dinars by rainwater raises redwood acts of wide

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Central Bank of Iraq

4 hours ago

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Digital Media NRT

The effects of the approval of the Governor of the Central Bank of Iraq on the left, the exposure of seven billion dinars ($ 5.83 million) to be damaged because of the sinking of the coffers of the Rafidain government, as a result of the entry of rainwater to it, Redwood widespread actions by activists and economists.

Al-Alak said in an intervention during his attendance at the parliament session on Monday that the rainwater had entered the bank's coffers and caused damage to the banknotes stored in those coffers .

On Tuesday (November 13, 2018), parliamentarians began moving to collect signatures to dismiss the governor of the Central Bank and the director of Rafidain Bank on charges of corruption and dysfunction.

In a related development, said the expert in the banking sector, Hassan Juma, "This announcement is a precedent not previously in all banks, and the amount must be deposited in the bank's safes, which is closed steel resistant to breaking, burning and drowning and can not even enter the air."

He asked: "How can we assure depositors of their money, and how to attract money and deposits if the 7 billion dinars or more is scattered in the ground with a vault inside the bank, this tampering and recklessness and will affect the reputation of the Iraqi financial sector as a whole."

"It is not reasonable for a government bank to store the currency in places prone to fires or floods," said financial expert Radhi al-Rubaie.

"There are many suspicions about this scandalous scandal, why did not the central bank governor announce the incident at the time, and why is he trying to reduce the amount from 12 billion dinars to only 7 billion dollars, and how did the banknotes sink into the coffers of the bank? Into it while it is supposed to be fortified. "

"This issue should not go unnoticed. There must be an investigation at the highest levels. If there is no deliberate concealment or destruction of these funds, it is a flagrant failure of the banking administration in the country," he said.

It is worth mentioning that MP Majida al-Tamimi, had revealed at the end of last September, the damage of Iraqi funds within the Rafidain Bank, but said that the amounts reached by the water amounted to 12 billion dinars, accusing officials of negligence, and demanded Tamimi to disclose the fate of these funds and how to put this form Until it reaches the rain and what type or method of storage.

H

http://www.nrttv.com/AR/News.aspx?id=6425&MapID=2

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1 hour ago, 6ly410 said:

 

This is huge . They plainly state as the category 1000 dinar notes are made obsolete . That value they hold will transfer over to the new currency ....

  1 hour ago, Butifldrm said:

He pointed to two options first, "if the damaged currency is forged means that there was manipulation in Rafidain Bankaimed at replacing the value of the currency.".........very exciting thread . Thanks again Buti Yota....

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Just now, blueskyline said:

This is huge . They plainly state as the category 1000 dinar notes are made obsolete . That value they hold will transfer over to the new currency ....

  1 hour ago, Butifldrm said:

He pointed to two options first, "if the damaged currency is forged means that there was manipulation in Rafidain Bankaimed at replacing the value of the currency.".........very exciting thread . Thanks again Buti Yota....

Agreed... wow

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guess we know why alak was sent to parliament to explain that away ,,, worst case scenario is 7 billion dinar outa circulation ( maybe all the banks need a good flooding of the money vaults ) ,, kinda suspect to me but typical iraqi fashion having 7 billion laying around to get water damaged  at the bank wth ... we wait

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Documents .. Parliamentary proposal to deduct the amount of each barrel of oil and grant to each Iraqi individual

Documents .. Parliamentary proposal to deduct the amount of each barrel of oil and grant to each Iraqi individual



 Twilight News    
 5 hours ago

Shafaq News / MP for a coalition of state law high Nassif on Wednesday, Speaker of the House of Representatives Mohammed Halbusi to include in its proposal to deduct the amount of each barrel of oil and distribution of each Iraqi individual within the budget next year.

"The national duty and the moral responsibility before the Iraqi people require the inclusion of our proposal (to issue a decision to deduct the amount of each barrel of oil and its distribution to the Iraqi people) within the budget of 2019, which the House of Representatives intends to approve," Nassif said in a statement, Expressed confidence in the directives of the Speaker of the House of Representatives to harness all the possibilities of the legislative authority to serve the Iraqi people and improve their standard of living through legislation and laws that are in the public interest.

The deputy Nassif had submitted a request to the Presidency of the House of Representatives, backed by the signatures of fifty deputies on 8 November 2018, approving the issuance of a decision to deduct the amount of each barrel of oil and distribution within the ration card for each individual Iraqi, based on Article (59 / p 2) of the Constitution.

The first day's intervention included hosting the finance minister and his committee and asking them to include the application in the 2019 budget.

 


 

 
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Editor Hossam Al - Khafaji - Wednesday, November 14,
 
 
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Alsumaria News / Baghdad Rafidain Bank on Wednesday 
issued a clarification on seven billion dinars, stressing that these banknotes were "damaged and ready for replacement." The director of the Rafidain Bank Khawla al-Asadi said in an interview with Alsumaria News that "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 the treasuries and the rise of water level Tigris River above the level of cupboards, and the inability of the drainage network led to rain 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 at the time were damaged notes that were intended to be exchanged with the Central Bank, based on paragraph 1 of Article 34" of the Central Bank Law No. 56 of 2004, which states that " Negotiable and without prejudice to paragraph "h" of this article, the Central Bank to withdraw any currencies or paper or metal mechanism in an unfit case for trading and execution and replace them in paper currency or metal equivalent to the value. " 

Asadi confirmed that"

The governor of the Central Bank Ali Alalak made statements during his hosting before parliament on Monday, " November 12 , 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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Iraqis attack the governor of the Central Bank:
Baghdad Ahmed al-Nuaimi
14 November 2018


Iraqis attack the governor of the Central Bank:
Statements made by the Governor of the Central Bank of Iraq, Ali al-Aalak, made before Parliament in a special session, about the damage of 7 billion Iraqi dinars by the rainwater, which he infiltrated into the basement of the Rafidain government, to a rare material and ridicule on the means of social networking in an attempt of Iraqis to declare that they do not believe this statement and that corruption is responsible for the loss of these huge amounts of public money.
Militants have launched "marking # Nkaa _ your money " (marinate your money) which is offered through dozens of photos and videos to Iraqis soak their money in the water for several hours, then Akhtaiwnha mud without get wet, wondering which the fate of the 7 billion Iraqi dinars supposed to be inside Welded cabinets are encapsulated inside packages, as is the law of banks in Iraq .

The leader of the Dawa party, Ali al-Alaq, who is one of the closest confidants of former Prime Minister Nouri al-Maliki, has been running the Central Bank of Iraq for more than four years.

Iraqi media, citizens and activists have experimented with various kinds of paper currency with water to discredit the central bank governor's account and have published their experiences on websites. 

Saad Al-Halaq, a young threesome, has personally experimented with his photos and published them on his Facebook page in a sharp and sarcastic criticism of the Governor of the Central Bank. 

"Today we want to reveal the lie of the family of relations, you were supposed to be ashamed, did you know how many poor families would benefit from the seven billion? Learn or not know, I will show you, Ali, the links," he said in a video clip posted by bloggers. 

"Do you think that the state treasury is not protected by cameras or protection from exposure to fire and rain water?" "The barber did a practical experiment by wetting the paper with water and then removing it from the water as if it did not hurt. Thing.


This experiment was carried out by well-known media in Iraq, including Ahmed Mullah Talal, who performed live on a single-screen program offered by Al-Sharqiya channel, holding a water mug with a paper coin. 

"Since yesterday, I have siphoned off the money in the water, and I have taken it out as it is," said Mullah Talal. "The thousand remained five thousand and five thousand as they are," he said.


 


He also made a similar experiment by suspending banknotes from various categories and spraying them with water, simulating the rain and then leaving it until the evening and checking it. "A practical experiment shows the falsity of the central bank governor's claim about 7 billion dinars damage due to rainwater," he said.


It did not stop here, but the scandal turned into an irony between journalists, writers, analysts and activists on social networking sites amid outrage. 

"A philosophy of life, yes, it is a philosophy that everyone should believe, even if it is a lie," said Yasser al-Hamdani, who published a caricature on his official account: "Money laundering, money laundering, money laundering, money laundering." 
Hamdani said sarcastically, "because he kept silent and utter a lie, of course Mselmh liar I speak."


The poet Luai Haqi wrote on his official page mocking "Tomorrow rain, it was the money in the bank either to withdraw or buy a cover resistant to moisture and covers the bank, and the present knows absent."


As for the pages, it was ironically ironic against the government and the government at the same time and published sarcastic cartoons. 

This angry and cynical campaign at the same time demanded the Iraqis to disclose the fate of the billions claimed by the Governor of the Central Bank of corruption, considering that it is a big lie will not fool anyone and that there is a conspiracy behind this incident.


"Iraqi politicians have surpassed Mesilama liar with light stages in lying and falsifying the facts, and they want us to believe a lie that damages billions of dinars because of the sinking of rainwater," Hassan al-Darraji said. 

"Last year I forgot money from the category of one thousand dinars and five thousand dinars in the pocket of the pants, washed my wife and published in the sun, and then Kutah and put him in the wardrobe and took out a few days ago and found the money as it is despite the passage of a full year, but it needs some modification, 7 billion dinars in the treasury of the bank because of rain water, and who believes this talk only fools and fools?

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Rain erodes 7 billion Iraqi dinars and accusations of corruption

Baghdad Ahmed al-Nuaimi
13 November 2018

The governor of the Central Bank  of Iraq, Ali al-Alaq, that seven billion dinars ($ 5.83 million) was damaged by the sinking of the coffers of Rafidain Bank , as a result of the entry of rainwater to him, in a declaration is the first of its kind from the Governor of the Central, Revealed by members of parliament, and the Central Committee was silent about it at the time.

Al-Aalak said during a parliamentary hearing on Monday evening: "The water has entered the coffers of Rafidain Bank and caused damage to the banknotes." He added: "The fixed amount was not 10 billion dinars, but within the 7 billion distributed on papers in different categories."

"We are not looking at it as a loss of these amounts, but the value of printing a single banknote, which usually costs between 2 and 4 cents," he said. When asked by Parliament Speaker Mohamed Halaboussi, "If the damage was 100%, the answer is yes."

According to parliamentary sources of the "New Arab", the Parliament asked the Central Bank of pictures and evidence supporting the account of the Governor of the Central, and open a broad investigation into the incident.

According to an official in the legal department of parliament in a telephone call to "the new Arab", there are members of parliament began on Tuesday movement to collect signatures to dismiss the central bank governor and the director of Rafidain Bank on corruption and dysfunction.

He said that the Central Bank is demanding images and video recordings confirm the truth of the matter, and disclose the location of seven billion dinars damaged, and is obliged to answer the reason why not announce it before the matter was revealed by MPs in parliament through sources.

The MP in parliament Magda Tamimi, has revealed at the end of September, the damage of Iraqi funds within the Rafidain Bank, but said that the amounts received by the water amounted to 12 billion dinars, accusing officials of negligence. Tamimi asked to reveal the fate of these funds and how to put this form until it reaches the rain and what kind or method of storage.

A member of parliament told the "New Arab" that there were doubts about the sincerity of the governor, or that he hid other facts he did not want to reveal.

 
In the meantime, the expert in the banking sector, Hassan Juma, said in a statement to the "new Arab", that this announcement a precedent did not occur before in all banks, adding: "This amount must be deposited in the bank's safes are closed steel resistant to breaking and burning and drowning Even the air can enter it. "

He asked: "How can we assure depositors of their money, and how to attract money and deposits if the 7 billion dinars or more is scattered in the ground with a vault inside the bank, this tampering and recklessness and will affect the reputation of the Iraqi financial sector as a whole."

Activists and citizens considered the incident part of the financial corruption rampant in the country. "Why do not the seven billion dinars that have been damaged by the rainwater in Rafidain Bank have not been published?" Activist Hamoudi al-Najafi wrote on Facebook. "Rainwater enters the bank and damages billions," said activist Omar Gamal.

Financial analysts have described the incident as a scandal. "It is not reasonable for a government bank to store the currency in places exposed to fires or floods," said financial expert Radi al-Rubaie.

He continued: "There are many suspicions about this scandal, why the governor did not announce the Central Bank of the incident in his time Why try to reduce the amount of the amount of 12 billion dinars to 7 billion only How did the banknotes sink in the coffers of the bank? Inside them while supposedly being fortified. "

"This issue should not go unnoticed. There must be an investigation at the highest levels. If there is no deliberate concealment or destruction of these funds, it is a flagrant failure of the banking administration in the country," he said.

According to previous estimates issued by the Finance Committee in parliament, the size of Iraq's losses due to corruption in the past twelve years amounted to about 450 billion dollars, including 360 billion dollars during the period of the governments of Nuri al-Maliki the first and second (2006-2014).

The Iraqi Integrity Commission announced earlier this year that the funds that were monitored and returned to the State during the last year 2017 amounted to 938 billion Iraqi dinars (800 million dollars), without mentioning what was not revealed and lost by Iraq for crimes of financial corruption and damage to public money.

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Iraq to launch investigation into millions of dollars 'missing' from public bank 

Central bank blames heavy rainfall for damaged bills, lawmakers request evidence

Mina Aldroubi

November 14, 2018

Updated: November 14, 2018 12:13 PM

 
 
 
 
 
 
 
 
 
 
 
Ali Al Alaq, the Governor of the Central Bank of Iraq. (Photo: Antonie Robertson/The National)  Ali Al Alaq, the Governor of the Central Bank of Iraq. (Photo: Antonie Robertson/The National) 

Iraq's parliament is expected to launch a probe to determine how $6 million worth of local currency stored in public bank coffers was damaged by heavy rain.

Central Bank Governor Ali Allaq appeared in front of lawmakers in parliament on Monday to answer questions on the case which dates back five years.

"At the end of 2013, the vaults of the Rafidain Bank were flooded because of huge rains at the time, damaging the bills that were stored there," Mr Allaq said, adding that they were worth around seven billion Iraqi dinars.

Lack of transparency and unreliable governance has been at the heart of Iraq's woes, made worse by the effects of a costly three-year war against ISIS that coincided with a dip in oil prices.

Mr Allaq said the central bank reprinted new bills to replace the soaked ones but, since the money had not been in circulation, the only real "loss" was the cost of printing.

 
 
https://www.thenational.ae/world/mena/iraq-to-launch-investigation-into-millions-of-dollars-missing-from-public-bank-1.791653
 
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2018/11/14 12:11
  • Number of readings 136
  • Section: Iraq
  •  

Rafidain explains: The seven billion were originally damaged and replaceable

BAGHDAD / Al-Masala: Rafidain Bank on Wednesday issued a clarification on seven billion dinars, stressing that these banknotes were "damaged and ready for replacement." 

The director of the Rafidain Bank Khawla al-Asadi said that "what happened in 2013 from the losses in Al-Rasheed Street due to heavy rain led to the cracking of some of the walls of the treasuries and the rise in water level Tigris River above the level of cupboards, and the failure of the drainage network led to water entering 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 at the time were damaged notes that were intended to be exchanged with the Central Bank, based on paragraph 1 of Article 34" of the Central Bank Law No. 56 of 2004, which states that " Negotiable and without prejudice to paragraph "h" of this article, the Central Bank to withdraw any currencies or paper or metal mechanism in an unfit case for trading and execution and replace them in paper currency or metal equivalent to the value. " 

Asadi confirmed that"

The governor of the Central Bank Ali Alalak made statements during his hosting before parliament on 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.

The obelisk

 

 
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23 minutes ago, DetroittoAZ said:

Iraq to launch investigation into millions of dollars 'missing' from public bank 

Central bank blames heavy rainfall for damaged bills, lawmakers request evidence

Mina Aldroubi

November 14, 2018

Updated: November 14, 2018 12:13 PM

 
 
 
 
 
 
 
 
 
 
 
Ali Al Alaq, the Governor of the Central Bank of Iraq. (Photo: Antonie Robertson/The National)  Ali Al Alaq, the Governor of the Central Bank of Iraq. (Photo: Antonie Robertson/The National) 

Iraq's parliament is expected to launch a probe to determine how $6 million worth of local currency stored in public bank coffers was damaged by heavy rain.

Central Bank Governor Ali Allaq appeared in front of lawmakers in parliament on Monday to answer questions on the case which dates back five years.

"At the end of 2013, the vaults of the Rafidain Bank were flooded because of huge rains at the time, damaging the bills that were stored there," Mr Allaq said, adding that they were worth around seven billion Iraqi dinars.

Lack of transparency and unreliable governance has been at the heart of Iraq's woes, made worse by the effects of a costly three-year war against ISIS that coincided with a dip in oil prices.

Mr Allaq said the central bank reprinted new bills to replace the soaked ones but, since the money had not been in circulation, the only real "loss" was the cost of printing.

 
 
https://www.thenational.ae/world/mena/iraq-to-launch-investigation-into-millions-of-dollars-missing-from-public-bank-1.791653
 

His comments however did not reassure Iraqi politicians that attended the six-hour parliamentary session. A number of lawmakers requested evidence and data confirmation that the damaged was caused by water from heavy rainfall.

"The information that was presented to us indicates that the damaged currency is 12 billion Iraqi dinars, not seven billion," Ahmad Hama Rashid, a member of the Iraqi parliament's finance committee said.

Mr Rashid said during the next parliamentary session Mr Allaq will be questioned and will have to provide solid evidence to the cabinet.

Former politican, Hanan Al Fatlawi, called on Prime Minister Adel Abdul Mahdi to hold Mr Allaq accountable for the loss of funds.

"The Central Bank governor and director of Rafidain Bank need to be held accountable for negligence," Ms Al Fatlawi said on Twitter.

According to parliament, corruption, shell companies an "phantom" public employees who receive salaries but do not work have cost Iraq the equivalent of $228 billion dollars since 2003. The figure is more than Iraq's gross domestic product and nearly double the annual budget.

Iraq is ranked 169 out of 180 countries in Transparency International’s corruption perception index, with the lowest state being the most corrupt.

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