Economist calls for a deletion of the three zeros currency to withdraw counterfeits from the marketp

Economist calls for a deletion of the three zeros currency to withdraw counterfeits from the marketplace

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	[You must be registered and logged in to see this image.] 22-03-2013 10:40 AM Baghdad (newsletter). Student Economist Salim Al-daini, the application of the draft Central Bank deleted three zeros from the currency early next year, to eliminate the forged currency in the local market. He said Al-daini (News Agency): draft three zeros from the currency, deletion would serve the Iraqi citizen in terms of reducing large categories and easily traded, as well as support the economy through the withdrawal of counterfeits, which are widespread in the market. He added: the project must be applied after you set the kvoaeh management for the Central Bank to be implemented early next year (2014), it is one of the strategic projects in the country. He noted that the current categories of national currency is easy to damage, forcing the State printing new currencies for every three months and these constitute an additional burden on the State funds for printing new currencies, indicating that the new project would be issued coins up for more than 25 years. The Council demanded that the Prime Minister earlier in the previous administration for the Central Bank to wait to delete the three zeros from the local currency, saying that a large project and needs sufficient time to apply./finished/8 n. p.

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The heck with early next year, early April 2013 would be a lot better!!!

Economist run the country now? The Iraq dinar is one of the most secured designed currencies there is. I wouldn't buy so much into this counterfeiting thing. What they need is for the merchants to identify their takings a lot better. Just like when we go places and pass a $20 the clerk nearly always checks it with a water marker. I bet non of these counterfeit bills makes it thru the banks and or back to the CBI. It should be the merchants responsibility to identify these IMHO.. ;)

10-21-12, Iraq
states that only 25K of every 1 Billion IQD is Counterfeit!
Iraqi Central Bank Warns of Counterfeit Money


Sunday, 21 October,
2012



SULAIMANI, Kurdistan Region—The head
of the Bank of Kurdistan says that the Central Bank of Iraq has warned all
branches across the country of the circulation of counterfeit Iraqi banknotes in
the market.
“We are always concerned about the spread of counterfeit money in the
market,” says Dilshad Abdulmajid, the head of the Sulaimani branch of the Bank
of Kurdistan.



Abdulmajid told Rudaw that up to now fake
banknotes have not reached Kurdistan’s markets in amounts that would pose a
threat to the economy.

“But because of the situation in Syria and threats against Iran, there is
the risk of counterfeit money crossing the borders of Iraq and the Kurdistan
Region.” Abdulmajid said.
He suggests that border checkpoints and customs officials should be more
vigilant.
Adham Karim, the head of the main branch of the Bank of Kurdistan says that
his office does not have certain data about the circulation of counterfeit money
in Iraq. But Abdulmajid maintains that his branch has been informed by Baghdad
of the spread of fake 5000-dinar bills and that “we should be more careful when
dealing with that particular note.”
Karim does not deny that his staff detects fake banknotes passing through
his bank from time to time, but he says it has always been in insignificant
amounts.
“However,” Karim says. “The borders are more open now and extra vigilance
is necessary.”
Abdullah Muhammad, a money trader in Sulaimani’s currency exchange market
says that fake banknotes are like a “time bomb that may suddenly explode” if it
is ignored.
“Twice in the past I have been given fake money,” Muhammad says. “But
thankfully both times the amounts were small. By the time I found out the person
had gone. Now, I check every single note I receive.”
Tahir Abdullah, the manager of the Sulaimani Airport says that his staff
has never seized any counterfeit money passing through the airport.
“Any money passing through the airport is under the supervision of the
airport customs,” Abdullah says. “But sometimes the amounts are too huge to be
checked individually.”
Abdullah added that people who trade in forged currency might not use
airports to move their money around.
One of the security features of Iraqi money is a metallic thread that runs
through most banknotes. Abdulmajid says the thread is missing in the fake notes,
but the forgers have tried to come around that problem, too.
“The fake notes do not have the thread, but there is a thin line that
resembles the thread,” he says. “You won’t be able to notice it if you do not
look carefully.”
Abdulmajid says that in every 1 billion, 25,000 dinars could be
counterfeit, and “this could be something normal. But this is the first time we
get warnings from the Central Bank of Iraq.”
Kurdistan’s Minister of Finance Bayiz Talabani says that he is unaware of
counterfeit money circulating in Iraqi markets, but he is certain that such
notes cannot enter Kurdistan’s markets.
“We have great money inspection machines and such notes cannot reach us
easily,” he told Rudaw.

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“Twice in the past I have been given fake money,” Muhammad says. “But
thankfully both times the amounts were small. By the time I found out the person
had gone. Now, I check every single note I receive.”

Again, that is the responsibility of the merchant. This article stated that it is very uncommon in Iraq but happening in countries outside of IRAQ, SO!! Central Bank want take them so no lose to Iraq or their reserves. Everyone do your duty and or job and and catch the paper boys... ;)

When first hearing about this it scared me, until I figured out that counterfietting is a world wide delimna, and mostly of currencies that have higher values and that are more readily accepted and tradeable...(unlike Iraq's currency)...but, I'm sure if there were to be a signifigant rise in the currency that there would be much more counterfeitting of this currency as well....One dealer I spoke to said that they recieved a note that was actually counterfeit...that they had specifically sent to them for inspection..and they said that you could spot it 20 feet away as per not being legit...and that it was a circulated note, and it is said that most counterfiet notes, if not all..were the circulated ones, and that they were usually passed off by being placed inside a stack of other circulated notes...so as per slipping by without easy detection....especially on borders, whereby it would be easier to pass these off to someone who was not as familiar with the money, or whereby they did'nt typically have the means of counterfiet detection readily available..like at a bank or money business, service, etc...for what it's worth...