Fears of exploitation of a project to replace the currency to pass block counterfeit cash
Fears of exploitation of a project to replace the currency to pass block counterfeit cash
Saturday, August 25, 2012 09:40
BAGHDAD / Baghdadiya News / .. created the process of replacing the Iraqi dinar current dinar known Iraqi Dinars (Saddam) printed badly, in 2004, and managed many quarters to replace billions of dinars counterfeit time, fears of many stakeholders to repeat the same experiment during replacement announced by the central bank, especially after the latter revealed seizing large quantities of currency Almzruh in Baghdad and other Iraqi provinces.
The previously announced the central bank for “his intention to start a replacement Iraqi dinar rolling now belong new after deleting three zeros from the beginning of the year 2013, but the government demanded to wait for an unspecified date, and as the bank block size that will be withdrawn within a period of two years more than 32 trillion dinars and an alternative it is estimated at 28 billion dinars. ”
The planned Central Bank of Iraq and since 2005 the implementation of the project to delete three zeros from the Iraqi dinar, which suffered over the past decades of inflation unprecedented led deteriorating value gradually and equivalent every 3 $ 2400 Iraqi dinars before the year 2003, enabling the central and via fiscal policy put large amounts of dollar in a central auction to be able to raise its value until now reached 1119 / dollars.
Security sources private revealed that “investigations were conducted with the captured in Babil province, Maysan, Baghdad and taken to Baghdad to complete the investigation on charges possession of large quantities of counterfeit currency and Iraqi attempt to replace, revealed to us the existence of regional states and mafias Turkish and European and other countries working toward another , which is preparing for the process of replacing the Iraqi currency to be implemented by the Central Bank of Iraq, and here will start the biggest fake currency replacement.
CBI stressed and on the tongue expert first appearance of Mohammed Saleh told / Baghdadiya News / “This case has been drawn since many months, noting that” any process control coin counterfeit is tracked through coordination between banking systems and security, were seized in Maysan province and Baghdad, investigations and tracking those involved certainly a specialty security services, all we have is that we address the imbalance among our specialty, has been circulated complete data on counterfeit currency and re-education specifications security of the Iraqi currency, as we canvass using sophisticated equipment capable of detecting counterfeit currency .
With regard to the replacements, between Saleh said that “the replacement process planned after deleting three zeros from the dinar, quite different from the replacement process in 2004, everyone remembers that security conditions then were not stable, not to mention the difficulty of the work of banks and transfer the money, though, according to measurements World succeeded in completing the replacement and Rtahna Iraqi dinars discreet enjoys technical specifications, good, and question if it had not been timely replace the dinar, will do the state a household printer prints currency, the answer certainly is both, because without replacement, signed a lot of problems. ”
He Saleh, said that “the replacement process this time is different as we have and the most important Mavi thing is that the replacement will continue for two years and this long enough to complete the project with confidence and Troy and pleased, and there will be plenty of time for banks to verify the old currency or not.”
And on the size of the currency situation, said that “the current mass estimated at 32 trillion dinars, and it is expected Trchigaha to less than 28 billion new dinars.”
Saleh added that “the bank is working to make one dollar equals 1,000 dinars, pointing out that he is seeking to raise the exchange rate of the dinar in the coming period and in line with the strength of the economy, especially since Iraq will lead the energy market in the world for the coming years.”
Saleh said that “the bank reserves and the government, amounting to $ 58 billion, is a powerful force enormous financial and therefore these reserves and the strength of the dinar should be aligned with the positive developments in the Iraqi economy, pointing out that what we are witnessing the rise in the price of the dollar in the Iraqi market is a bubble soon we’re going to by Busaúlna and open ports dollar selling by the Rafidain and Rasheed. ”
The CBI announced, in (21 May 2012) for directly Rafidain and Rasheed sell the dollar for citizens at 1189 dinars to the dollar, in a move to pull the rug from under the feet of speculators in the currency open ports, many informal throughout Iraq destination customers instead of banking offices own.
And already saw Iraqi dinar exchange rate down quickly and after the announcement of economic sanctions on Iran and Syria, which depends upon the Iraqi market in securing items different, was charged with the Central Bank these countries to export its economic crisis for Iraq via transfer mechanism dollar sales to their advantage and collected various images. ”
International competent companies began buying and selling currencies, the status of the Iraqi dinar in mind, especially after the “Central Bank announced its intention to raise the value of the dinar, and increase the value of companies predicted last for several times over a period of months.”
Follow “interesting companies through the use of the Internet offer large quantities of Iraqi dinar for sale and there are requests to be bought by speculators,” When browse these sites often read phrases such as “buy dinars, the current government will raise the value of the currency will become rich.”
And transfer Georgia Pablk site Brodcastnk U.S. mail expert on financial planning Brian Hancock as saying that there is nothing guaranteed in the world of foreign exchange exhibition of the variables at all times.
Hancock added, “There seems to be many who are selling the Iraqi dinar in the United States according to what I heard recently, they are persuading people that its value will rise to a hundred times.”
For his part, the presence of central counterinsurgency campaign and unknown trying to spread chaos of the Iraqi economy and weaken through counterfeit currency, denying the existence of counterfeit currency discharge small amounts in banking offices in Baghdad.
Central bank charged with obstructing government agencies monetary reform and vowed persecuting because it was the country’s financial interests at risk.
For its part, showed a member of the Economic Commission Nora Salem البجاري told / Baghdadiya News / “The process of replacing the central rate, even if a few of the risks, especially if attached project in the national currency, it is very dangerous for the economy, and all states have completed such projects amid risk rate semi- no, in order to confer on its admissibility to the nature of the citizen who will most Tmasa “.
And showed البجاري “of its Finance Committee formed committees to follow up the matter, and provides members with many of the proposals in this regard, it is possible in the case decided to complete the project any replacement that apply.”
Some of these ideas, such as the application of comprehensive electronic banking system before replacement, in order to facilitate the process.
Among other proposals, that the process is done programmatically, any self-drag through day-to-day trading operations, there is filed and calculated and paid salary and wages, Wi dinars Old Bank enters replaces self back, and here Snqll risk ratio.
And called البجاري to follow the movements of importance so mafias are trying to damage country Bagtad and not only achieve the richness of illegal operations theft and fraud, but that looked behind you will find from the planning of the goals far beyond declared.
Economic expert Imad Abboud stressed told / Baghdadiya News / “The replacement process can be controlled, especially as the security situation is more stable compared to 2004, as that term replacement Setsegriq two years, and here you can put mechanisms more disciplined to reduce pushing counterfeit currency.”
He added that “there is a mechanism can be followed and lies in the division of MAP government banks exclusively to several centers and all Marz be responsible for what is being replaced, and despite the fact that there is a difficulty in the inventory process by the Central Bank, which will receive blocks huge cash from branches, it needs to expand its oversight central to the listed units. ”
And between Abood Ant size the money supply in Iraq, amounting to this day almost 33 trillion Iraqi dinars, a huge mass and very need for a tremendous effort to make sure Rsantha, especially since there are countries have the technical capacity to print unparalleled and with the same specifications or close to it and here’s how can differentiate between i.
Abood concluded saying that “replace the 2004 phase resulted in the entry of nearly 3 trillion but replacement, although the bloc then did not exceed 7 trillion, we do not know how to be fake Tmsheeth through the implementation of the new project i?, Finished / 27.