Iraq is struggling counterfeit currency by issuing new editions

Iraq is struggling counterfeit currency by issuing new editions


Iraq is struggling counterfeit currency by issuing new editionsBAGHDAD / Nasir Ali

Reduce source in the Department issuing currency in the Central Bank of Iraq, the importance of warnings by experts and officials in the government of the existence of counterfeit currency, stressing that the government’s decision last change the Iraqi currency was partly due to the disposal of the signing of former Fed governor Sinan al-Shabibi supplements prosecuted.

And saw the Iraqi markets since mid-last month of a new currency trading emblazoned edition in 2014 and carried some of the same specifications, such as the former category 250 dinars and 500 dinars and a thousand dinars, with minor changes raise the most important signing of the former governor and replacing it with circles. Despite the stresses shopkeepers and businesses, banks and exchange offices to make sure the type of currency in order to detect the fake ones, have failed all their tactics and their devices because of the accuracy and the large number of counterfeit currency in circulation.

The advantage of mafias forgery times that begin with currency conversions to pump large quantities of counterfeit currency and withdraw real, knowing the weakness of control during these periods, as happened in 2004 when replaced about 13 billion dinars (11 million dollars) and was sentenced to employees of the Central Bank of prison for years.

According to the deputy governor of the Central Bank of the previous appearance of Mohammed Saleh, the size of the money supply actually exported more than 34 trillion dinars in 2013, pointing out that “the phenomenon of counterfeiting and forgery is a global problem afflicting even stable countries in security and sophisticated banking and security to its proceedings.” He said that “the reason for the growing mass of cash due to reasons such as salary increases and commercial traffic unbridled and, more importantly, rejected Iraqi citizen so far to deal with the means of modern banking, such as credit cards and other (…) Even dealings large, such as buying real estate, cars and other conducted in cash.”

The owner of “beauty” Exchange Ojaili beauty, that the counterfeit currency reached a stage managed natural circulation after views of warping is very precise. ”

At the time announced are concerned that the volume of counterfeit currency circulating in the market currently does not exceed 500 million dinars, said the source at the Central Bank said this figure was far from precise, during a single operation carried out by security agencies set 24 million dinars held by an employee of the bank, “Two Rivers” in Baghdad also seized other amounts in several provinces. ”

Furthermore, accused a member of the parliamentary Economic Committee Nora Albjara window views of involvement in counterfeiting, pointing to the existence of a regional complicity in this matter, especially from Iran, where Iraqi authorities announced seizing large quantities of counterfeit currency was in possession of an Iranian citizen wants to enter the border by land. But the MP for the bloc “state law” Salman al-Moussawi, downplayed the significance of counterfeit currency in circulation, and they pointed to very small amounts and do not constitute any fear, pointing out that there are countries that are trying to hit the Iraqi economy in this way.

And confirmed a member of the Finance Committee in Parliament Najeebeh Najib that “reports of the Central Bank, which up to the Commission confirm the existence of rigging of the local currency, and that this phenomenon has become common. Pointed out that” the reduction of this phenomenon is through the activation of intelligence effort and change the local currency by deleting three zeros of them to be reduce the volume of banknotes in circulation. ”

The source in the Iraqi Central Bank stressed that “the Iraqi currency is subject to renewal by replacing the damaged ones each time period, but we as a central bank is not our duty to prosecute counterfeiters and when replacement or any other deal we either destroyed or confiscated counterfeit after the approval of the customer.”

Regarding the decision of replacing the currency, according to the source, there are several reasons prompted the Government to make this decision, including the lifting of the signing of the former governor Sinan al-Shabibi and the inability of those banking persuade customers to resort to handle mail and replacing the cash handling smart cards, as well as the introduction of currencies of the largest categories of 50 thousand dinars. and 100 thousand, not to mention the elimination of counterfeit currency.

It has already been announced Director of Customs Region IV in Basra, Brigadier Khalaf al-Badran, set forged Iraqi currency entered from one of the neighboring countries in huge quantities to Basra and from different denominations.