Central Bank of Iraq warns of million dollar bills: worthless souvenirs

The Central Bank of Iraq renewed its warning on Thursday against circulating commemorative notes of one million US dollars that are used to defraud citizens.

The bank confirmed, in a statement received by Shafak News Agency, that the security and regulatory authorities are following up on the people who promote these commemorative papers and taking appropriate legal measures against them.

The bank explained that the highest denomination of the US dollar in circulation is the $100 denomination.

He pointed out that the aforementioned commemorative note is not circulated in global currency markets, as it is issued by the American Millionaires Association and is not considered currency because it is not issued by the US Federal Reserve, but is used for gifting purposes only.

In February 2020, the Central Bank of Iraq warned against circulating the “one million” dollar note because it is a non-cash note.

Shafaq.com