Babylon: the spread of counterfeit currency risk eats economy and destroys the national currency

Babylon: the spread of counterfeit currency risk eats economy and destroys the national currency

Date: 09/18/2012 12:06:38 Tuesday

Babylon (news) / report / .. Portends the increasing prevalence of the coin counterfeits in Babil province by the disadvantages many will hit the backbone of the national economy on the long run, while standing citizens idly about who controls Bmusaúarham and undermines their money.
professor of economics at the University of Babylon Dr. Jawad al-Bakri said (of the Agency news): The phenomenon spread counterfeit currency have significant negative effects on the national economy, they raise inflation rates and working to a loss of confidence in local currency, in favor of foreign currencies, particularly the U.S. dollar. between: the case of non-confidence in the national currency that will generate business environment and economic incorrect, and requires local authorities concerned to take several measures to control this phenomenon and then eliminate it altogether. recommended Bakri spreading awareness and banking culture and activate the role of oversight by the competent security agencies for collecting information on those who counterfeit currency and promoted, stressing that the process of counterfeiting carry political implications and objectives clear to sabotage the Iraqi economy especially since currency counterfeiting, particularly with regard to the category of 10 thousand dinars is not economically feasible to destinations counterfeit on the grounds that the cost of printing and counterfeiting banknote per transcends worth much. local government in Babylon, for its part, confirmed it had begun since early respond to this phenomenon which refers all information it work outsourced assume currency counterfeiting while working agents have promoted within the Iraqi market, including the markets of Babil province. confirmed Governor Mohammed al-Masoudi (of the Agency news): that the security authorities in the province is working continuously to detect access points counterfeit currency to maintain and those who handled the promote this process, to combat this phenomenon behind them foreign parties intending to destroy the Iraqi economy and create the kind of chaos within the community. For its part, described the Chairman of the Legal in the provincial council dreams Rashid phenomenon spread counterfeit currency in the province phenomenon dangerous because of their negative effects on the economy . Rashid Although aware of the seriousness of the phenomenon, but they denied that the provincial council had recently passed any measures to address them, because of the lack of the Council to the Commission of specialized economic means such issues. called Rashid federal government and security agencies and intelligence to tighten procedures for disclosure of the sources of these phenomenon and respond as quickly as possible before the crisis deepens and becomes uncontrollable. citizens in the province, for their part, said they stand idly not around him powerless over of deliberately sabotaging the national economy and harming the citizens, particularly the poor and low-income such as employees and retirees who are affected by others such phenomena. said employee statement denominator: that most people do not trust in the national currency and in particular banknote denominations of 10 thousand dinars because most cases of counterfeiting took place on this category, criticizing what he called the deficit the government to address this phenomenon, which has become alarming. Moreover, suggested shop owner banking Mohammed Jibouri several measures on the government to take to eradicate this phenomenon, including tightening control security on the border and the banks and banking companies and re-minted coins that do not accept counterfeit instead of paper currency and the adoption of Iraq himself in a printed paper currency by importing Press high-tech produces Banknotes can not Tzifaa or manipulated. / end / 14. d. Q /
Source: ikhnews