[size=47]The counterfeit Iraqi dinar.. Organized gangs penetrate the markets and exacerbate the wounds of the local currency[/size]
[You must be registered and logged in to see this link.]
Baghdad
Ahmed Eid
February 03, 2023
Fears in the Iraqi street about the negative repercussions of the counterfeit dinar (AFP)
+Line-
+Line-
With the decline in the value of [You must be registered and logged in to see this link.] to record numbers, the counterfeit currency mafia penetrated the local markets, causing a state of confusion among citizens and merchants, in addition to increasing fears of the collapse of the national currency, which constitutes a state of exacerbating inflation that results in a further collapse of [You must be registered and logged in to see this link.] and the explosion of waves New high prices exhaust citizens.
Fingers are pointed at organized gangs in pumping this money into the Iraqi market through the exchange of goods and the purchase of hard currency, within what is known as (hashr), which is placing limited notes of counterfeit currency inside large packages of real money.
Concern prevailed in the Iraqi street about the spread of [You must be registered and logged in to see this link.] , especially in light of its continued decline, despite the strict government measures, most notably the appointment of a new governor of the Central Bank, who took a number of urgent decisions to stop the bleeding of the local currency and limit the escalating dollar crisis.
On January 23, the Iraqi government office in the capital, Baghdad, announced the dismissal of the Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, at his request, according to an official statement, and the appointment of Ali Mohsen Al-Alaq by proxy as his replacement, who took many measures to limit the currency hemorrhage.
Despite this, the dollar witnessed a record high on the Baghdad Stock Exchange during the past few days, to more than 1670 dinars, while the official price is 1460 dinars, and what exacerbated the wounds of the local currency were the organized counterfeiting of the dinar in the markets.
[You must be registered and logged in to see this link.]
[You must be registered and logged in to see this image.]
[You must be registered and logged in to see this link.]
[size=12]Arab economy
[/size]
The spread of counterfeit currency
Activists circulated, on social media platforms, videos, through which they confirmed the presence of counterfeit currency in the market, as merchants in the wholesale market in Baghdad complained of being defrauded, and it turned out that the amount was counterfeit.
He warned the merchants of the cases of buying in counterfeit currencies that have spread recently in the capital, Baghdad, and revealed the presence of a sign through which the real and counterfeit currency can be identified.
A merchant in Baghdad, who asked not to be named, confirmed to Al-Araby Al-Jadeed that he was subjected to a fraud by a customer, after he purchased goods for an amount of 100,000 Iraqi dinars. forged ones.
Organized operations
The researcher on the Iraqi economic affairs, Omar al-Halbousi, indicated that currency counterfeiting is organized and aims to push large quantities of it into the market to weaken confidence in the national currency and raise the value of the dollar, mainly.
Al-Halbousi added, to Al-Araby Al-Jadeed, that the forgery operations most likely take place outside Iraq due to the high technology used, and there are many victims who have recently fallen victim to forgery.
[You must be registered and logged in to see this link.]
[You must be registered and logged in to see this image.]
[You must be registered and logged in to see this link.]
[size=12]Arab economy
[/size]
And Al-Halbousi indicated that the counterfeit denominations that were circulated are the denominations of 25,000 and 50,000 dinars, but the most common denomination is the denomination of 25,000 Iraqi dinars, which has spread widely in the Iraqi markets, stressing that the counterfeit currency witnessed a great development in the forgery process, as It can only be detected by electronic computing devices.
Regarding the effect of trading this currency in the market, Al-Halbousi stressed that its impact is direct on the Iraqi economy through the large losses that will befall traders, as well as the imbalance of people and investors’ confidence in the Iraqi currency, which will negatively affect the Iraqi dinar, which will lead to a decline in its value, which warns A state of economic depression.
Border gangs
For his part, the economist, Nabil Al-Marsoumi, explained that counterfeiting the Iraqi currency is not a new case, but it has increased recently, and the security authorities always arrest some gangs on the Iraqi borders on charges of introducing counterfeit currencies.
Al-Marsoumi added, to Al-Araby Al-Jadeed, that there are beneficiaries working to pump counterfeit currencies into the market in order to put pressure on the Iraqi dinar and raise price levels, which causes the citizen to lose confidence in the national currency.
Al-Marsoumi called on the security authorities to take their role in limiting this phenomenon, because of its serious repercussions on the volume of Iraqi monetary circulation, because the citizen will have to abandon the national currency and move towards saving and trading the US dollar, stressing that the only one affected is the Iraqi citizen.
Central bank actions
For its part, the Central Bank of Iraq commented on the spread of news of counterfeiting the currency, explaining the mechanism for identifying the original and counterfeit local currencies.
[You must be registered and logged in to see this link.]
[You must be registered and logged in to see this image.]
[You must be registered and logged in to see this link.]
[size=12]People's economy
[/size]
The Central Bank’s advisor, Ihsan Al-Yasiri, said that the Iraqi banknotes denominations (10 thousand dinars, 25 thousand dinars, and 50 thousand dinars) include a transparent window, which has become one of the strongest paper currencies issued by the Central Bank, and it is a court paper with a transparent window and one of its characteristics is the appearance of the image of the “minaret.” Malwiya" if its background is white, and it shows the category number if its background is black."
Al-Yasiri indicated, in a press statement, that currency counterfeiting is weak and bad, and is often discovered by the public, the banking sector, and the Central Bank, which published earlier, an image in which he clarified the security signs present in the Iraqi currency for various denominations, in conjunction with the spread of information about the existence of a wave of this category. 25 thousand counterfeit dinars invaded the Iraqi domestic market.
And the Central Bank drew attention, through a picture it published, to the presence of security signs in Iraqi banknotes through which it is possible to know the fake and real currencies, pointing out to citizens to pay attention and note the signs when dealing with them.
[You must be registered and logged in to see this link.]
Fingers are pointed at organized gangs in pumping this money into the Iraqi market through the exchange of goods and the purchase of hard currency, within what is known as (hashr), which is placing limited notes of counterfeit currency inside large packages of real money.
Concern prevailed in the Iraqi street about the spread of [You must be registered and logged in to see this link.] , especially in light of its continued decline, despite the strict government measures, most notably the appointment of a new governor of the Central Bank, who took a number of urgent decisions to stop the bleeding of the local currency and limit the escalating dollar crisis.
On January 23, the Iraqi government office in the capital, Baghdad, announced the dismissal of the Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, at his request, according to an official statement, and the appointment of Ali Mohsen Al-Alaq by proxy as his replacement, who took many measures to limit the currency hemorrhage.
Despite this, the dollar witnessed a record high on the Baghdad Stock Exchange during the past few days, to more than 1670 dinars, while the official price is 1460 dinars, and what exacerbated the wounds of the local currency were the organized counterfeiting of the dinar in the markets.
[You must be registered and logged in to see this link.]
[You must be registered and logged in to see this image.]
[You must be registered and logged in to see this link.]
[size=12]Arab economy
[/size]
[You must be registered and logged in to see this link.]
The spread of counterfeit currency
Activists circulated, on social media platforms, videos, through which they confirmed the presence of counterfeit currency in the market, as merchants in the wholesale market in Baghdad complained of being defrauded, and it turned out that the amount was counterfeit.
He warned the merchants of the cases of buying in counterfeit currencies that have spread recently in the capital, Baghdad, and revealed the presence of a sign through which the real and counterfeit currency can be identified.
A merchant in Baghdad, who asked not to be named, confirmed to Al-Araby Al-Jadeed that he was subjected to a fraud by a customer, after he purchased goods for an amount of 100,000 Iraqi dinars. forged ones.
Organized operations
The researcher on the Iraqi economic affairs, Omar al-Halbousi, indicated that currency counterfeiting is organized and aims to push large quantities of it into the market to weaken confidence in the national currency and raise the value of the dollar, mainly.
Al-Halbousi added, to Al-Araby Al-Jadeed, that the forgery operations most likely take place outside Iraq due to the high technology used, and there are many victims who have recently fallen victim to forgery.
[You must be registered and logged in to see this link.]
[You must be registered and logged in to see this image.]
[You must be registered and logged in to see this link.]
[size=12]Arab economy
[/size]
[You must be registered and logged in to see this link.]
And Al-Halbousi indicated that the counterfeit denominations that were circulated are the denominations of 25,000 and 50,000 dinars, but the most common denomination is the denomination of 25,000 Iraqi dinars, which has spread widely in the Iraqi markets, stressing that the counterfeit currency witnessed a great development in the forgery process, as It can only be detected by electronic computing devices.
Regarding the effect of trading this currency in the market, Al-Halbousi stressed that its impact is direct on the Iraqi economy through the large losses that will befall traders, as well as the imbalance of people and investors’ confidence in the Iraqi currency, which will negatively affect the Iraqi dinar, which will lead to a decline in its value, which warns A state of economic depression.
Border gangs
For his part, the economist, Nabil Al-Marsoumi, explained that counterfeiting the Iraqi currency is not a new case, but it has increased recently, and the security authorities always arrest some gangs on the Iraqi borders on charges of introducing counterfeit currencies.
Al-Marsoumi added, to Al-Araby Al-Jadeed, that there are beneficiaries working to pump counterfeit currencies into the market in order to put pressure on the Iraqi dinar and raise price levels, which causes the citizen to lose confidence in the national currency.
Al-Marsoumi called on the security authorities to take their role in limiting this phenomenon, because of its serious repercussions on the volume of Iraqi monetary circulation, because the citizen will have to abandon the national currency and move towards saving and trading the US dollar, stressing that the only one affected is the Iraqi citizen.
Central bank actions
For its part, the Central Bank of Iraq commented on the spread of news of counterfeiting the currency, explaining the mechanism for identifying the original and counterfeit local currencies.
[You must be registered and logged in to see this link.]
[You must be registered and logged in to see this image.]
[You must be registered and logged in to see this link.]
[size=12]People's economy
[/size]
[You must be registered and logged in to see this link.]
The Central Bank’s advisor, Ihsan Al-Yasiri, said that the Iraqi banknotes denominations (10 thousand dinars, 25 thousand dinars, and 50 thousand dinars) include a transparent window, which has become one of the strongest paper currencies issued by the Central Bank, and it is a court paper with a transparent window and one of its characteristics is the appearance of the image of the “minaret.” Malwiya" if its background is white, and it shows the category number if its background is black."
Al-Yasiri indicated, in a press statement, that currency counterfeiting is weak and bad, and is often discovered by the public, the banking sector, and the Central Bank, which published earlier, an image in which he clarified the security signs present in the Iraqi currency for various denominations, in conjunction with the spread of information about the existence of a wave of this category. 25 thousand counterfeit dinars invaded the Iraqi domestic market.
And the Central Bank drew attention, through a picture it published, to the presence of security signs in Iraqi banknotes through which it is possible to know the fake and real currencies, pointing out to citizens to pay attention and note the signs when dealing with them.
[You must be registered and logged in to see this link.]
Today at 7:14 am by wciappetta
» utube 6/4/24 MM&C IQD Update-Iraq Dinar-2024 Budget Passed-Gazzette-Timing-197 Companies Cease Dol
Today at 7:04 am by Rocky
» utube 6/3/24 MM&C IQD Update-Iraq Dinar-Accelerate- Digital-Financial-Banking Reforms-Best Budget
Today at 7:02 am by Rocky
» Al-Rafidain: About 1,502 loans were issued to those registered under the Riyada initiative since las
Today at 6:59 am by Rocky
» Al-Maliki: There is no intention to approve the general amnesty law
Today at 6:57 am by Rocky
» Al-Sudani: Understandings with France amounting to one billion euros to build industrial projects...
Today at 6:48 am by Rocky
» Al-Sudani: The available factories for construction materials cover only a quarter of the need
Today at 6:46 am by Rocky
» An economist indicates the absence of the private sector in the 2024 budget
Today at 6:44 am by Rocky
» Central Bank of Iraq sales exceeded $270 million at today’s auction
Today at 6:43 am by Rocky
» The Iraqi budget is moving toward “publishing and disbursing” without presidential approval
Today at 6:42 am by Rocky
» A government parliamentary agreement regarding residents of slums
Today at 6:41 am by Rocky
» Al-Rafidain: Implementing the comprehensive banking system in the White Palace branch
Today at 5:22 am by Rocky
» Sudanese sponsors the signing of a cooperation agreement between the Trade Bank and the German Expor
Today at 5:17 am by Rocky
» Financial inclusion in Iraq: a success story that defies the odds
Today at 5:14 am by Rocky
» Parliamentary Finance: All revenues are not enough to meet the country’s needs, and the budget prohi
Today at 5:13 am by Rocky
» Iraqi Business Council: The budget schedules are flexible and include sacred paragraphs
Today at 5:11 am by Rocky
» Democratic Party: The cessation of oil exports through Türkiye has caused Iraq huge losses
Today at 5:08 am by Rocky
» The government's lack of seriousness in removing the Americans leaves Iraq exposed to them
Today at 5:06 am by Rocky
» Al-Sudani sponsors the signing of an agreement between the TBI Bank and a German institution
Today at 5:05 am by Rocky
» Water scarcity and air pollution...the most prominent challenges facing Iraq
Today at 5:03 am by Rocky
» Parliamentary Finance: Contract employees are included in the budget
Today at 5:03 am by Rocky
» An investigation committee will be formed into the file of trainees of Korean companies / document
Today at 5:02 am by Rocky
» Parliamentary Finance: The region’s share in the budget is still unclear
Today at 5:00 am by Rocky
» A representative wonders about the fate of 57 trillion dinars in the budget
Today at 4:59 am by Rocky
» A new group of targets of restaurants and foreign agencies was arrested in Baghdad
Today at 4:58 am by Rocky
» Including transfers and attracting investors.. The Supreme Judiciary determines the advantages of re
Today at 4:56 am by Rocky
» International Finance Corporation.. An agreement to qualify youth in Iraq and Lebanon
Today at 4:55 am by Rocky
» Oil reveals new government directives related to 4 sectors
Today at 4:53 am by Rocky
» The Council of Ministers takes a series of economic decisions
Today at 4:52 am by Rocky
» Did the 2024 budget schedules do justice to the Kurdistan Region?
Today at 4:50 am by Rocky
» Parliament's finances determine the amount of disbursement during 2024
Today at 4:49 am by Rocky
» “You will lose confidence in them.” A deputy criticizes a “dangerous phenomenon” committed by member
Today at 4:48 am by Rocky
» Sudanese Advisor: Iraq's external debt has fallen to 9 billion dollars
Today at 4:47 am by Rocky
» Erbil markets 300 food trucks to the rest of the governorates daily
Today at 4:46 am by Rocky
» The Prime Minister inaugurates the second specialized workshop to support the private industrial con
Today at 4:45 am by Rocky
» The Prime Minister sponsors the signing of a cooperation agreement between the Iraqi Trade Bank and
Today at 4:43 am by Rocky
» Al-Sudani: Voting on the budget supports the government’s work
Today at 4:42 am by Rocky
» Al-Sudani: Iraq is the cornerstone of stability in the region and the world
Today at 4:40 am by Rocky
» The Commission is looking into developing electronic voting devices
Today at 4:39 am by Rocky
» Baghdad urges steps towards combating corruption
Today at 4:38 am by Rocky
» This year: launching the electronic housing card
Today at 4:37 am by Rocky
» The Cities Authority promises reasonable prices for residential units
Today at 4:36 am by Rocky
» Imminent disasters must unite us before it is too late
Today at 4:35 am by Rocky
» Iraq is taking steps to combat corruption
Today at 4:34 am by Rocky
» The remaining $9 billion of Iraq's external debt
Today at 4:33 am by Rocky
» Today.. the launch of the activities of the Petersburg International Economic Forum
Today at 4:31 am by Rocky
» The results of “OPEC Plus” are positive, and Iraq pledges to comply
Today at 4:30 am by Rocky
» The Minister of Commerce calls on citizens to receive food basket items from agents
Today at 4:29 am by Rocky
» What if other banks follow suit?
Today at 4:28 am by Rocky
» Experts: We are getting close to “zeroing” gas burning
Today at 4:27 am by Rocky
» Recovery of an Iraqi official accused of intentional damage to public funds
Today at 4:25 am by Rocky
» The Iraqi Trade Bank issues the first batch of Kurdistan Region employees within the “My Account” pr
Today at 4:23 am by Rocky
» Iraqi Workers' Communist Party: The oil workers' class unit thwarts a new theft!
Today at 4:22 am by Rocky
» Al-Sudani: The 2024 budget schedules include positives that contribute to the path of economic refor
Today at 4:21 am by Rocky
» An opportunity for Iraqi doctors to leave hospitals and work inside airplanes
Today at 4:18 am by Rocky
» The fever of attacking “foreign institutions” spreads to Diwaniyah.. One person was injured in an at
Today at 4:16 am by Rocky
» During the current year.. Iraqis are on a date with the launch of the “electronic housing card”
Today at 4:15 am by Rocky
» The exchange rates of the dollar against the dinar in Iraq today
Today at 4:13 am by Rocky
» After approving the budget schedules... Parliamentary Finance resolves the controversy over the empl
Today at 4:12 am by Rocky
» A source reveals Saudi mediation between Iraq and Kuwait to end disputes
Today at 4:11 am by Rocky
» In preparation for the 2025 elections, the Commission forms a committee to develop electronic voting
Today at 4:10 am by Rocky
» Displaced people fall victim to politics... Immigration complains about the lack of cooperation betw
Today at 4:07 am by Rocky
» Today, the Ministry of Commerce is preparing a new meal from the food basket
Today at 4:06 am by Rocky
» Integrity Investigation Court: Iraq combats money laundering and its procedures control the position
Today at 4:05 am by Rocky
» The Commission is preparing early for the 2025 elections...a specialized committee to modernize resu
Today at 4:03 am by Rocky
» How much is Iraq’s foreign debt worth? The Sudanese advisor answers
Today at 4:02 am by Rocky
» An Arab newspaper talks about the budget in numbers: This is the value of revenues and its deficit
Today at 4:01 am by Rocky
» Parliament sends the budget schedules to the Ministry of Justice... for this reason
Today at 4:00 am by Rocky
» utube 6/4/24 Summary / Status Iraqi Dinar ReValue IQD VND Exchange Rates
Yesterday at 8:24 am by Rocky
» The Central Bank explains the “fiscal control” mechanism contained in the budget
Yesterday at 6:42 am by Rocky
» The path to development...Iraq's economic gateway and its point of stability
Yesterday at 6:40 am by Rocky
» Announcing the establishment of the Iraqi-French Business Council on the sidelines of the Iraqi-Fren
Yesterday at 6:36 am by Rocky
» The coordination framework reveals the latest developments in the election of a new Speaker of the H
Yesterday at 6:34 am by Rocky
» In a “quick” session... Parliament votes on the 2024 budget, and controversy accompanies three parag
Yesterday at 6:32 am by Rocky
» Minister of Construction regarding encroachment on service projects: How can a citizen destroy his p
Yesterday at 6:30 am by Rocky
» Thousands of workers are dissatisfied after being laid off from work due to investment in agricultur
Yesterday at 6:29 am by Rocky
» A different vision for the budget schedules presented by an economic coalition
Yesterday at 5:13 am by Rocky
» Where is the danger in budget tables? An economist breaks it down
Yesterday at 5:12 am by Rocky
» A parliamentary movement for justice for 20,000 employees in state institutions
Yesterday at 5:09 am by Rocky
» Between Al-Halbousi and the leaders... new disputes undermine progress in Baghdad
Yesterday at 5:08 am by Rocky
» An economist confirms the possibility of Iraq entering the field of investment in oil derivatives
Yesterday at 5:07 am by Rocky
» A parliamentary question about the fate of 57 trillion dinars in the 2023 budget
Yesterday at 5:06 am by Rocky
» High central bank sales in the currency auction
Yesterday at 5:04 am by Rocky
» Al-Halbousi's party is conditioning the change of Al-Mashhadani on political dialogues
Yesterday at 5:01 am by Rocky
» Involved in wasting more than 6 billion dinars.. Iraq recovers a health official from Belarus
Yesterday at 5:00 am by Rocky
» Finance Committee after voting on the budget tables: There is financial abundance for the governorat
Yesterday at 4:59 am by Rocky
» Detailing the “secrets” of the budget...the increase in the value of salaries for 5 ministries, and
Yesterday at 4:58 am by Rocky
» Bitcoin exceeds $70,000
Yesterday at 4:57 am by Rocky
» 3 gains behind extending the oil production reduction agreement until the end of 2025
Yesterday at 4:55 am by Rocky
» Parliament Finance clarifies... What is the fate of contract employees in the 2024 budget?
Yesterday at 4:54 am by Rocky
» The Retirement Authority announces the disbursement of end-of-service benefits to more than 6,000 pe
Yesterday at 4:53 am by Rocky
» Iraq exports more than 7 million barrels of crude oil and its derivatives to America in a month
Yesterday at 4:53 am by Rocky
» Approving 36 service projects and referring them for implementation in an Iraqi governorate
Yesterday at 4:52 am by Rocky
» Nearly 80 trillion dinars disappear from the 2022 and 2023 budget.. Deputy: “No one knows where it w
Yesterday at 4:51 am by Rocky
» Kuwait: Three countries, including Iraq, pledged to fully adhere to the OPEC+ agreement
Yesterday at 4:50 am by Rocky
» What is the truth about there being a parliamentary tendency to challenge the budget schedules?
Yesterday at 4:49 am by Rocky
» By land: An Iraqi aid convoy launches to relieve the people of Gaza
Yesterday at 4:48 am by Rocky
» Al-Sudani: Voting on the budget supports the government’s work
Yesterday at 4:46 am by Rocky
» Arbitrage
Yesterday at 4:44 am by Rocky