Iraqi gangs launches the biggest counterfeit currency to switch

Posted 05/04/2012 02:16 PM
BAGHDAD – Babinaoz (Reuters) – warned that “the International Center for Development Studies” that lead the process of deleting the zeros of the Iraqi dinar to a state of chaos in the national economy, especially as they are in the security conditions and difficult political and complex. The Center’s report issued from London that Iraq is suffering at the moment of the gangs of counterfeiting, which is working day and night for the printing of the dinar current and then replace it in the process and described it will be the biggest fraud in the world.The Center said… in a special report for “Arabic. Net” that the money supply large that exist today in the Iraqi market , estimated at up to 30 trillion dinars will increase significantly during the period of switching the currency, so that fraud rings spread in most Iraqi cities. According to the report, it is very difficult for the Iraqi government to reduce the activities of gangs of counterfeiting of currency, especially as some of these bands have succeeded in 2003 from theft devices currency printing institutions of the state and managed to fraud amounts exceed 50 billion Iraqi dinars, and was also able to deposit part of them in some Iraqi banks, as happened with one of the banks in the city of Basra. The report, “Global Center” that some of these gangs operating in neighboring countries such as Iran and Iraq, you enter a currency counterfeit or smuggled across in ways that are Kalmpadlat official business or by replacing the dollar. It is estimated that the International Center for Development Studies size of the cash reserve, which lost Iraq in just one month this year to $ 2 billion, which led to a decline in a clear and significant in the value of Iraqi dinar, which reached to the borders of 1250 dinars per dollar after the boat 1120 during the past year 2011 . between the center and in his report that the cost of replacement Iraqi currency will exceed $ 150 million that I talked about sources of Iraqi government to reach nearly $ 250 million, the cost of storage and destruction of the old currency and replace revealed counterfeiter of them will be greater. Inflation report predicted the International Center for Development Studies inflation in Iraq significantly, especially during the period of the currency that will be replaced over two years. The report pointed out that the value of Iraqi dinar will not see any increase or change so that the objective of the deletion of zeros is only to facilitate cash transactions, considering that the work to raise the value of the dinar require diversification of income sources and reduce imports to reduce the trade deficit and the reduction of external borrowing, which failed to Iraqi government to do in the past years. surprised at the International Center for Development Studies monetary and fiscal policy for the Iraqi government, which depends on the control of the Central Bank and the inventory of banking in a limited number of banks, and then talk about solutions to facilitate cash transactions. He considered the report of the Centre to support the Iraqi dinar comes from interest in banking industry that should be given more attention especially with regard to support for private banks to support the private sector instead of a policy is defined not only lead to more waste, and financial and administrative corruption. report recommended the International Center Studies of development that there will be legislation and strict controls associated with the process of switching the Iraqi currency and in preventing money laundering operations which may be covered up an official warning from the devastating effects a result of flooding the market with Iraqi currency counterfeit, especially as this weakens the confidence of the Iraqi economy and undermine any future opportunities in the development .