Govt Denies Destruction of 62 Trillion Iraqi Dinar

Iraq Business

2 days ago

By John Lee.
The Financial Adviser to the Iraqi Prime Minister, Dr. Mudhhir Mohammed Saleh, has firmly denied social media rumours claiming the destruction of half of Iraq's currency supply - approximately 62 trillion dinars [$47 billion] - as " economically absurd and completely unfounded ".
In remarks to the state-run Iraqi News Agency (INA) , Saleh clarified that Iraq's total issued monetary mass does not exceed 100 trillion dinars, including both circulating and reserve cash. The notion that more than half of this amount could be destroyed by environmental or biological factors - as claimed in rumours citing " rats and mice " - is " impossible and institutionally unthinkable ".
He explained that about 88 percent of Iraq's money supply is held outside the banking system, largely by individuals due to longstanding cultural habits, not stored in a single location that could suffer such widespread damage.
Saleh stressed that Iraq's currency management is governed by strict procedures covering printing, storage, inspection, and replacement. " Such a massive loss could not occur without detection, " he said, denouncing the rumours as a deliberate attempt to stir public anxiety.
He urged citizens to avoid spreading fabricated news that undermines public trust, especially during a period requiring national cohesion and confidence in the country's financial institutions.
(Source: INA)