Government advisor: $62 trillion worth of rumors are spreading and our monetary system is subject to strict procedures.

[RJG]

Government advisor: $62 trillion worth of rumors are spreading and our monetary system is subject to strict procedures.

Yesterday, 15:05

 

S

Baghdad - INA - Amna Al-Salami
, the financial advisor to the Prime Minister, Mazhar Mohammed Salih, confirmed that the rumor of destroying half of the monetary mass, amounting to 62 trillion, is illogical and baseless. While explaining that the Iraqi monetary system is subject to strict procedures in managing paper currency, Salih called on citizens not to circulate fabricated news and to maintain cohesion and trust in national financial, banking and economic institutions.
Salih said in a statement to the Iraqi News Agency (INA): "Some social media outlets have recently circulated illogical allegations that speak of the destruction of huge sums estimated at (62 trillion dinars) due to (mice and rats), which is news that has no connection to reality and lacks the lowest levels of credibility and economic logic."
Salih stressed that "the monetary mass issued by Iraq does not exceed 100 trillion Iraqi dinars, which includes circulating currency and reserve currency. Therefore, saying that more than half of the monetary mass was destroyed due to environmental or biological factors is economically impossible and not credible in terms of the scale and institutional procedures surrounding monetary management."
He explained that "official data indicate that approximately 88% of the total monetary supply is outside the banking system, hoarded by individuals, as a result of an inherited monetary culture in Iraqi society, and not within the warehouses or vaults of a single institution, where it could be exposed to such damage."
He added that "the Iraqi monetary system is subject to strict procedures for managing paper currency, in terms of printing, storage, periodic inspection, and replacement through precise monetary and accounting mechanisms. Such large sums cannot be left vulnerable to damage without oversight or monitoring."
He pointed out that "the rumor aims to create confusion and provoke public opinion, especially among non-specialists who do not know the nature of the monetary system in our country or how it works. This is something that must be addressed with reason and wisdom.
" He called on "all citizens not to circulate such fabricated news, which represents an underestimation of people's intelligence and has no economic or realistic value. Rather, it is part of attempts to confuse public opinion at a time when greater cohesion and confidence in national financial, banking, and economic institutions are required."

https://ina.iq/ar/economie/239936-62.html

 

[RJG]

Government advisor denies allegations of 62 trillion dinars lost

Local

The Prime Minister's Financial Advisor, Mazhar Mohammed Salih, confirmed that the rumor of destroying half of the 62 trillion Iraqi dinars currency is illogical and baseless. While explaining that the Iraqi monetary system is subject to strict procedures for managing paper currency, he called on citizens to refrain from circulating fabricated news and to maintain cohesion and trust in national financial, banking and economic institutions.
Salih said: "Some social media outlets have recently circulated illogical allegations that huge sums estimated at 62 trillion dinars were destroyed due to "mice and rats." This news is completely untrue and lacks the slightest degree of credibility and economic logic."
Salih emphasized that "Iraq's issued currency does not exceed 100 trillion Iraqi dinars, which includes circulating currency and reserve currency. Therefore, claiming that more than half of the currency was destroyed due to environmental or biological factors is economically impossible and not credible in terms of the scale and institutional procedures surrounding currency management."
He explained that "official data indicate that approximately 88% of the total monetary supply is outside the banking system, hoarded by individuals, as a result of an inherited monetary culture in Iraqi society, rather than within the warehouses or vaults of a single institution, where it could be exposed to such damage."
He added that "the Iraqi monetary system is subject to strict procedures for managing paper currency, in terms of printing, storage, periodic inspection, and replacement through precise monetary and accounting mechanisms. Such large sums cannot be left vulnerable to damage without oversight or follow-up."
He pointed out that "the rumor aims to create confusion and provoke public opinion, especially among non-specialists who do not know the nature of the monetary system in our country or how it works. This is something that must be addressed with reason and wisdom.
" He called on "all citizens not to circulate such fabricated news, which represents an underestimation of people's intelligence and has no economic or realistic value. Rather, it is part of attempts to confuse public opinion at a time when greater cohesion and confidence in national financial, banking, and economic institutions are required."



59 views
Added 08/01/2025 - 4:37 PM

https://economy-news.net/content.php?id=58205

 

 

[Laid Back]

Why the financial government advisor has to denied all allegations…. Smells fishy to me… they’re trying to cover something….. Just my opinion.
 

Lets say this is true and the CBI destroyed  IQD 62 trillion 

 

monetary mass 100 trillion minus 62 destroyed equals 38 trillion 

 

IQD 38 trillion / 1310 = $24.4 billions

 

foreign currency reserves $100 billion 

 

$100 billions / 24.4 billions = $ 4.09 

 

 

Go IQD

Go former glory

Go purchasing power 

 

 

[Dinarrock]

1 hour ago, Laid Back said:

Why the financial government advisor has to denied all allegations…. Smells fishy to me… they’re trying to cover something….. Just my opinion.
 

Lets say this is true and the CBI destroyed  IQD 62 trillion 

 

monetary mass 100 trillion minus 62 destroyed equals 38 trillion 

 

IQD 38 trillion / 1310 = $24.4 billions

 

foreign currency reserves $100 billion 

 

$100 billions / 24.4 billions = $ 4.09 

 

 

Go IQD

Go former glory

Go purchasing power 

 

 

Sorry LB I can’t get to your numbers how do you get 38T / 1310 =24.4 billion? My calculations show 29 billion possibly lol

Edited August 2 by Dinarrock

[Laid Back]

2 hours ago, Dinarrock said:

Sorry LB I can’t get to your numbers how do you get 38T / 1310 =24.4 billion? My calculations show 29 billion possibly lol

You’re right 38T / 1310 = $29B  

 

$100B / $29B = $3.44

 

Go reinstatement 

Go Stronger dinar 💪🏼

Go purchasing power 

 

[RJG]

maybe this is why they are screaming liquidity shortage lately.

 

[jabez777]

Either way, I thank you for the research on this.

[southbeach]

9 hours ago, Laid Back said:

You’re right 38T / 1310 = $29B  

 

$100B / $29B = $3.44

 

Go reinstatement 

Go Stronger dinar 💪🏼

Go purchasing power 

 

Cmon RV, POW, receive it now, praise God!

[3n1]

confusing for sure ... article states 88% of monetary mass is outside the bank system so salih claims it would be impossible to remove 62 trillion iqd hmmm used to be 70% guess the 

" everyone open a bank account " is in reverse,  thinking back over the years the cbi has had flood and fire damage and now a rat 🤣 at the bank that they claimed destroyed currency maybe " RAT " is the nickname for the cbi incinerator   .... reduce the note count , reinstate the iqd and roll out the LD's all at once ... we wait  

 

[Laid Back]

4 hours ago, RJG said:

maybe this is why they are screaming liquidity shortage lately.

 

Shabibi’s original plan was to reduce the note count.

 

It is important to note that central banks do not simply push banknotes into the economy. The amount of physical currency in circulation is primarily driven by the public's demand. Central banks accommodate this demand by providing commercial banks with the notes they need, and when people deposit cash back into the banking system, it is often removed from circulation. Therefore, a reduction in the notes count is often a reflection of a decline in public demand for cash.

 

Go Stronger Dinar

Go purchasing power

[Theseus]

Biden and 0bummer said what 62 million... that is chump change. Hold my beer.....