CBI warns against use of $1M. commemorative notes

Shafaq News/ The Central Bank of Iraq (CBI) reiterated its warning on Thursday about the circulation of "Million Dollar" commemorative notes, which are being used to defraud citizens.

The Bank emphasized that security and regulatory bodies are closely monitoring individuals promoting these commemorative notes and will take appropriate legal action against them.

It clarified that the highest denomination of US currency in circulation is the $100 note, adding that the commemorative note in question is not a legitimate currency, as it is issued by the American Millionaires Association and is not authorized by the Federal Reserve. Instead, it is intended solely for gift purposes.

Notably, CBI had previously issued a warning in February 2020 regarding the non-currency status of the "Million Dollar" note.