Counterfeiting threat to the Iraqi economy

Counterfeiting threat to the Iraqi economy



Sunday, 21/05/1435 AH - corresponding to 23/03/2014 AD (updated) 15:39 pm (Mecca), 12:39




Economists believe that counterfeiting has increased with the events in Iraq, Syria and the economic embargo on Iran (Reuters) - Alaa Yousef - Baghdad
He Iraqi economists that the decline of the security and the absence of political stability in the country of the most important factors in the spread of the phenomenon of rigging the local currency, noting that it threatens the economy of Iraq , asserting that the volume of counterfeit currency that are currently on the market do not exceed five hundred million dinars (429 thousand dollars), and that there need to activate the regulatory effort and intelligence to eliminate this phenomenon.
Said a member of the Committee on the economy and investment in the Iraqi parliament Nora Salem Albjara that "there are powerful political can not be named, but known to all, the rigging of the Iraqi currency, as it is linked third-party aims to hit the country's economy."
She Albjara - of the island - that counterfeit currency is in some countries such as Iran and the Gulf state - unnamed - where there are no printing presses in particular, in addition to that there are some parties are rigging the currency within the country in order to keep the Iraqi economy unchanged without the development and make a country a consumer Commodities, as she put it.
She explained that the size of very large amounts of counterfeit, and that the central bank refuses to disclose them because of political figures associated with this file, noting that the volume of counterfeit currency increased after the events in Syria and the economic embargo on Iran.
Economic war
A member of the Economic Commission Salman al-Moussawi, the House of Representatives - in his speech to the island - said Iraq is exposed to a "war of terror in different areas, including the war hit the economy by rigging the local currency, which is in some neighboring countries."
And reduced-Moussawi - a deputy of the State of Law coalition - the seriousness of the subject, noting that the volume of counterfeit currency is not frightening figure, and is located within the controlled descent, stressing that all countries in the world where the counterfeiting of currency.


Najeebeh Najib: Central Bank reports indicate the spread
of the phenomenon of counterfeiting (the island)
On the other hand, said a member of the Finance Committee in Parliament Najib Najeebeh The Central Bank reports that link the Commission confirm the existence of rigging of the local currency, and that this phenomenon has become common in the country.
She pointed out that the reduction of this phenomenon is through activation of the intelligence effort, and change the local currency by deleting three zeros of which is to reduce the size of the banknotes in circulation.
The absence of control
Illustrates the chairman of the Apostles banking Mohammed al-Saadi - Speaking of the island - the rigging of the local currency has become common after 2003, because of the absence of regulators, and the weakness of the security situation, and the spread of criminal gangs eerily in the streets.
He said al-Saadi - of the island - that after the replacement of the local currency and the introduction of some of the developments I told them this phenomenon, due to the lack of sophisticated equipment and high prices of custom paper currency, in addition to the poor experience of persons competent in counterfeiting.
The spokesman said himself that some parties are rigging the currency for profit, while others are designed to hit the country's economy through foreign certain, noting that counterfeit currency intervention across the Iranian border, and pointed out that the currency notes which are rigged are categories of 25 thousand dinars ($ 21 ) and ten thousand dinars (8.5 dollars).



Abdul Rahman Shaykhli: counterfeit currency in circulation
among shops and citizens (Al-Jazeera) Death fraud
On the other hand, said the relevant legal and banking Shaykhli Abdul Rahman - in his speech to the island - there were no signs on the entry of new counterfeit currency into the country now, but ordinary people are afraid of the new dollar coin percent.
He added that it is difficult to falsify the local currency is currently passed on banks and the central bank because of the existence of sophisticated equipment to detect fraud.
The Shaykhli that the central bank form a specialized department to educate workers in cash to detect counterfeit currency through lasers, stressing that counterfeit currency is currently promoted by people Counterfeiters on shop owners and ordinary citizens, pointing out that the punishment of counterfeiting in Iraqi law, starting from the prison and up to death .


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