The Central Bank of Iraq renewed its warning against circulating commemorative notes of $1 Million that are used to defraud citizens.
The Central Bank confirmed in a statement on Thursday that the security and regulatory authorities are pursuing people who circulate these commemorative notes and taking legal action against them. It pointed out that the highest denomination in circulation for the US dollar is the $100 bill.
It is noteworthy that the aforementioned commemorative note is not circulated in global currency markets as it is issued by the American Millionaires Association, and this note is not considered cash because it is not issued by the US Federal Reserve and does not represent any financial instrument, and is used for gifting purposes only.
In February 2020, the Central Bank of Iraq warned against circulating the "one million" dollar denomination because it is a non-cash note.
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