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"Theory" - Wed. AM KTFA Thoughts/News 11/14/18

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"Theory" - Wed. AM KTFA Thoughts/News 11/14/18

Post  Ssmith on Thu Nov 15, 2018 9:10 am

KTFA

Don961 » November 14th, 2018

New Central Bank comment on the damage of 7 billion dinars


Release 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 link

Teeben » November 14th, 2018

Having worked in water damage, I have a theory. Likely, the currency was stored in a low level area where it was exposed to water without the bank realizing it. This is often the case with rain damage. Then, being wet or damp for an extended period allowed mold to settle in, which can be very aggressive and toxic. Stacks of currency would be especially vulnerable and it would not matter that the paper was able to withstand other kinds of water damage, the mold cells would be able to permeate the paper to such a degree as to make it impossible to clean and reissue for public use. IMO, the bank felt had to be destroyed and did so not realizing the political fallout of the decision.

Don961 » November 14th, 2018

Iraqi economy defy central bank governor to prove an order


Twilight News 8 hours ago

Shafaq News / The remarks of the Governor of the Iraqi Center for Iraq Ali Alalak, during his hosting of parliament for the damage caused by the huge amount of rain water, a wave of anger among Iraqis on social networking sites

Al-Alak said on Monday that the amount of 7 billion Iraqi dinars (about 5 million 882 thousand dollars) was damaged by 100 percent, due to leakage of rainwater to the coffers of Rafidain Bank, underestimating the importance of the matter because the amount is worth only the cost of printing

The statements made by the Governor of the Central Bank of Kuwait have been widely discussed and questioned about the quality of the currency and the place of deposit, and the measures that the Bank provides to protect local currency against damage caused by any opposition to it

The activists did not let the story pass easily. One of them posted a video clip in which he responded to the Governor's remarks by placing a paper currency in the water. Then the mud was poured on it and washed with detergent, and yet it was not damaged. How did the rainwater destroy 7 billion dinars

The activists accused Iraqi officials of "inventing a new way to steal public money by throwing the reasons for the weather conditions and that what happened is a judgment and a measure of weather conditions

The leaders of social networking sites called on Iraqi Prime Minister Adel Abdul Mahdi to investigate the matter and reveal the fate of this huge amount of Iraqi domestic cash

Others ridiculed the reason cited by the governor of the Central District, where one of them wrote: "If you said that a gram ate them, it would be better for you

Activists called on the Iraqi prime minister to dismiss the ties because he was the "legacy" of the government of former Prime Minister Nuri al-Maliki, accusing the latter of appointing the relations during the period of business to keep Iraqi money under the control of the Dawa Party

About two months ago, the governor of the Central Bank Ali al-Alaq raised a great controversy after putting his name on the Iraqi currency instead of signing, in an unprecedented precedent since the establishment of the Iraqi state in 1920

A month before the end of the government in March 2016, Prime Minister Nuri al-Maliki appointed the Secretary-General of the Council of Ministers Ali Al-Alaq as Governor of the Central Bank link

Rafidain issued an explanation about the seven billion dinars and confirms that it was damaged

Wednesday, November 14,

Alsumaria News / Baghdad

Rafidain Bank issued a clarification on Wednesday about 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 paper currency or metal mechanism in the case of non-negotiable and executed and replace them in paper currency or metal equivalent to the 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 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. link
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