The Iraqi Parliament is investigating an incident in which heavy rain damaged nearly $6 million worth of local currency stored inside the central bank’s coffers in 2013.
Central bank governor, Ali Al-Alaq, who was not in office at the time responded to lawmakers’ questions on Monday saying “at the end of 2013, heavy rains flooded the vaults of the Rafidain Bank, damaging the bills that were stored there”.
According to Al-Alaq the Central Bank reprinted new bills to replace the damaged ones but, since the money had not been in circulation, the only real “loss” was the cost of printing.
However, Kurdish MP Hoshyar Abdullah told AFP: “We have concerns over how rainwater entered the bank’s vault, therefore we will conduct an investigation as soon as possible,” adding that the answer of the governor’s response was not “clear”.
Meanwhile, MP Majida Al-Tamimi said: “Parliament has asked for more details on the case, which is still under investigation.”