Central Bank governor sacked following damaged money remarks

Prime Minister Adel Abdul-Mahdi sacked the governor of the Central Bank Ali al-Alaq after the latter announced the damage of billions of dinars due to rains in 2013, Informed political sources said on Friday.

Iraqi Central Bank Governor Ali al-Alaq’s announcement of the damage of 7 billion dinars at the Rafidain Bank because of rain has drawn sharp political and social criticism, with calls for the Baghdad government to open an investigation into the incident, which may reveal much corruption.

Over the past 15 years, Iraq has reportedly lost €194 billion of public funds.Corruption is responsible for this through methods including fake contracts and salaries for fictional employees.

Iraq is ranked 12th among the most corrupt countries in the world, while various areas, including Baghdad and Basra, witness frequent demonstrations denouncing the poor management of the country and the lack of public services.

Read More: Thebaghdadpost.com