Omani dollar in Iraq.. Suspicious currency or losses due to long storage?
Omani dollar in Iraq.. Suspicious currency or losses due to long storage?
2025-02-02 02:33
Shafaq News/ Owners of exchange offices and traders are suffering from a state of anxiety and confusion due to the circulation of the 100 US dollar denomination, which is called the “old”, printed in 2003, and known in the local market as (Omani).
The dollar is considered the undisputed master of hard currencies in Iraq, but the situation is different with the 100 Omani dollar note, as traders refrain from trading it because it does not contain clear markings.
Iraqis call the $100 bill, issued in 2003 and below, “Omani,” in reference to the Jordanian capital, Amman, where it was widely circulated during the previous regime.
Price difference
The owner of Al-Aws Exchange, Ahmed Sadiq, told Shafaq News Agency, “Some exchange offices refrain from buying old dollars from people,” noting that “some accept them at a price lower than the market price by two or three thousand dinars.”
He added that “some exchange offices stamp some dollar banknotes with a stamp specific to their office to avoid problems that occur,” noting that “some people have returned dollar banknotes to the offices under the pretext of forgery, claiming that they bought them from them.”
He believes that “putting a stamp on the banknote would protect the money changer from some weak-willed people who try to deceive the office owners by forging the banknotes that were purchased from them,” adding at the same time that “putting a stamp on foreign banknotes might cause a problem for their buyers in terms of difficulty in exchanging them abroad.”
Forging the old
The owner of Al-Fas exchange, Jawad Malik, told Shafaq News Agency, “The lack of dealing with the old dollar is a result of the counterfeiting that took place in Turkey and Jordan, and the rumor about its entry into Iraq,” indicating that “many exchange owners no longer deal with it, and it has become a thing of the past, or they accept it with a price difference of up to 20 thousand dinars or more for those who can transfer this currency to the Central Bank.”
He points out that “most exchange offices used to stamp the $100 bill with a stamp bearing the name of the exchange office, even if the bill was new, to reassure the buyer that it was not counterfeit, and also so that anyone who had bought dollars from him would not return and claim that it was counterfeit.”
He explains that “many exchange offices also do not deal with the one-dollar bill or what is called ‘aleek’, and sometimes even with the five-dollar bill, despite the fact that neighboring countries deal with them without any problem,” stressing that “this is up to the mood of major traders who deal in dollars.”
Unclear security signs
Iraqi merchant Haider Al-Hasani told Shafaq News Agency that he “does not deal with old dollars at all to avoid the problem of counterfeiting,” indicating that “the old ones do not have clear security marks.”
He added that he “does not even deal with the new dollar,” indicating that “economic security prevents trading in it at the market price.”
All currencies are accepted.
Financial expert and former director general of the Central Bank, Mahmoud Dagher, told Shafaq News Agency, “There is no old or new dollar in the concept of the Central Bank. All current foreign and national currencies are acceptable.”
He added, “The mood of the people, merchants, and owners of exchange offices cannot force them, no matter what happens, to accept these types of old dollars,” stressing that “this matter is a personal effort.”
No instructions
The Central Bank of Iraq confirms that there are no instructions regarding rejecting the old dollar and not dealing with it.
A responsible source in the bank told Shafaq News Agency, “The bank did not issue any instructions regarding not dealing with the old dollar.”
He added, “All the statements and talk that are being raised about the bank’s refusal to accept the old dollar are false.”
In conclusion, the issue of the circulation of the “old” $100 bill in Iraq remains a source of concern for citizens and exchange office owners alike, as fears of counterfeiting overlap with market considerations.
While the Central Bank of Iraq confirms the acceptance of all current currencies, dealing with this category remains subject to the mood of the market and the decisions of traders.
Despite the absence of any official instructions prohibiting the circulation of old dollars, the security measures and caution of some exchange offices indicate the continuation of the state of confusion and doubts about this category, which may reflect an urgent need for an official clarification that enhances the stability of the local market and reassures dealers.
shafaq.com