Iraq's parliament is to investigate how $6 million worth of local currency stored in public bank coffers were damaged by heavy rains, AFP reported Tuesday (November 13th).

The pledge came a day after Central Bank governor Ali Allaq appeared in front of lawmakers to answer questions on a range of issues, including the case, which dates back five years.

"At the end of 2013, the vaults of the Rafidain Bank were flooded because of huge rains at the time, damaging the bills that were stored there," he said.

"They were worth around seven billion dinars ($6 million)," said Allaq, who was not governor at the time.

He said the Central Bank reprinted new bills to replace the soaked ones but, since the money had not been in circulation, the only real "loss" was the cost of printing.

His comments, made during a six-hour parliament session, apparently did little to reassure Iraqi lawmakers.

The issue has sparked controversy in Iraq, where corruption, shell companies and "phantom" public employees have cost Iraq the equivalent of $228 billion dollars since 2003, according to its parliament.