Central Bank confirms that the process of replacing damaged funds "legal and according to the controls"

revealed the Iraqi Central Bank, on Thursday, for the reasons that prompted him to replace banknotes damaged in 2013, confirming that all procedures relating to the replacement of those securities "took place in accordance with the instructions and rules of law."

"The cash exchange process is a daily function, and if we assume that the central bank did not receive the banknotes (the damaged banknotes in 2013) or the last receipt, the banknotes will cause more problems of rot," said Ihsan al-Yasiri, director general of the central bank,

And will constitute damage to the treasury of Rafidain Bank, and will pass the loss to the owner of the bank, which is the Ministry of Finance so the central bank received and conducted the process of replacement.

For his part, the Director General of the Legal Department in the bank that "Article 33 and Article 34 of the Iraqi Central Bank No. 56 of 2004 was clear on the replacement of currency and cash damaged, which is considered the core duties and functions of the Central Bank of Iraq based on the law.

He added that "this process is carried out by the mechanism and controls and instructions issued by the issuance department and the treasury in the bank, which has implemented instructions on the subject in question," noting that "all procedures related to the replacement of currency in a timely manner in 2013 took place in accordance with the law and instructions and controls."