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DESPITE AT LEAST 20 STAMPS AND STAMP AND A SIGN .. IRAQI DINAR HAS NOT BEEN FREE FROM FRAUD

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Post by rocky on Tue 27 Aug 2019, 8:31 am

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David's devotion
Following the imposition of the embargo on Iraq in the early nineties of the last century and the use of the former regime of printing currencies inside the country spread cases of currency counterfeiting and non-conformity with international standards and specifications in printing, and after 2003, replaced by a new edition has been printing presses Delaru in Britain with specifications sober difficult to counterfeit.
The political crises and weak government control over the circulating currencies allowed the spread of counterfeiting and the promotion of counterfeit currency and circumvent the citizens, according to local and international reports, as the Central Bank of Iraq published a statement on its website in 2018, entitled 'Know your money', which includes pictures of Iraqi currencies and security signs Which can distinguish between real and counterfeit currency. It included coins from the category of 250 dinars to the category of 50 thousand dinars, accompanied by shares indicating security signs, which include safety line and watermarks, visually variable ink and transparent window.
The director of the issuance and treasury department of the Central Bank Jaafar Ghulam, that the Iraqi banks discover each month amounts of not less than 200 million dinars, during the receipt of the amounts of deposits from citizens, explaining that the discovery of these amounts are individually for Iraqis who were victims of receiving counterfeit currencies, In addition to the announcement by the Ministry of Interior of the seizure of counterfeit currency.
Ghulam adds that "forged cash categories are often for the category of fifty thousand dinars and the category of 25 thousand dinars and less for the category of ten thousand dinars, pointing out that cash workers can detect counterfeit currencies easily, as the Iraqi currency in which at least 20 stamps and stamp Impossible to imitate, and they are means of protecting the currency from counterfeiting. "
He stressed that "the new editions of the Iraqi currency now includes new security additions such as transparencies, glossy and stamped, which is difficult for the most skilled counterfeiters to imitate, and that the coming months will see the replacement of the majority of large cash categories such as the category of 10 thousand and 25 thousand and 50 thousand new editions.
Meanwhile, Interior Ministry spokesman Major General Saad Maan said that "the past three years have witnessed the arrest of at least 240 arrests and arrests of gangs and individuals who were promoting the counterfeit currency in the country, and arrested and after questioning them revealed dozens of printing presses were visiting the currency in Baghdad And provinces.
He explained, "There are a number of models of counterfeit currency between primitive easy to identify because of printing by amateur inexperienced in this area, and that some counterfeiters use currency printers special printing currency, has been entered into the country illegally and has been detected, The Interior Ministry had arrested some of them in the Al-Midan and Bayaa districts of Baghdad and other provinces.
At the press conference of the most important activities of the ministry held in January 2019, Maan announced that the level of crime in all its forms in Baghdad decreased by 42% in 2018 compared to 2017, where the rate of crime for forgery and forgery decreased 53% and the crime of fraud and fraud decreased by 45% .
It is noteworthy, that the Ministry announced, on Monday, the arrest of an accused of counterfeiting foreign currency in Karbala.
Maan said in a statement that "detachments of organized crime intelligence in Karbala operating within the Intelligence Agency in the Ministry of Interior arrested one of the accused in the province of Karbala."
He added, "The defendant works by counterfeiting currency as he seized in his possession a special paper used in counterfeiting currency.


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azareus
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Post by azareus on Wed 28 Aug 2019, 10:23 am

Million dollar question Ahill
Do you think they can support 1 dinar to 1 dollar with 42 trillion dinars in circulation?
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Post by jbowhunter on Wed 28 Aug 2019, 1:05 pm

[You must be registered and logged in to see this link.] wrote:Million dollar question Ahill
Do you think they can support 1 dinar to 1 dollar with 42 trillion dinars in circulation?
IMHO only by deleting 3 zeros off the currency.  I’ll get crucified for saying this but I think the LOP is the way they will do it.   Someone please prove me wrong.  Not what I want to happen but don’t really see how they can do it otherwise.
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Post by jedi17 on Wed 28 Aug 2019, 2:04 pm

[You must be registered and logged in to see this link.] wrote:
[You must be registered and logged in to see this link.] wrote:Million dollar question Ahill
Do you think they can support 1 dinar to 1 dollar with 42 trillion dinars in circulation?
IMHO only by deleting 3 zeros off the currency.  I’ll get crucified for saying this but I think the LOP is the way they will do it.   Someone please prove me wrong.  Not what I want to happen but don’t really see how they can do it otherwise.
no one will crucify you for that, I said that before as well.....it is an option....we just hope it is not Iraqs option
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Post by Proven on Wed 28 Aug 2019, 2:21 pm

[You must be registered and logged in to see this link.] wrote:
[You must be registered and logged in to see this link.] wrote:Million dollar question Ahill
Do you think they can support 1 dinar to 1 dollar with 42 trillion dinars in circulation?
IMHO only by deleting 3 zeros off the currency.  I’ll get crucified for saying this but I think the LOP is the way they will do it.   Someone please prove me wrong.  Not what I want to happen but don’t really see how they can do it otherwise.


A float would allow them to pull the amount outstanding in at a measured pace.  


If you believe the amount outstanding is accurate.....I do not.  


A lop would not strengthen the economy, only make their accounting easier.  


Besides, articles state that the delete the zeros project would be initiated when tariffs are applied to imports in order to offset the increase in prices.  This action is a change in the exchange rate.    
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Post by Lobo on Wed 28 Aug 2019, 3:08 pm

I believe the coins and the RV are intertwined - having an RV without the coins in play for citizens to make change as in lower denominations will not work, AND, having lower denominational coins without an RV makes them useless.  The fact that the lower denominational coins are in existence (or will be soon) and the GOI educating citizens about them is a huge event, along with the new ATMs that are to be used after the RV - don't forget, the citizens will be able to buy gold from them at some point.  I think we are further along than we know, we get a lot of news after the fact.  For example,
The appointment of a new governor of the Central Bank and a head of the Financial Control Bureau
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Release Date: 2019/7/25 15:14 •
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(Baghdad: Al Furat News) Cabinet decided, in its first meeting on Tuesday, the appointment of a new governor of the Central Bank of Iraq.
According to a document of the Secretariat of the Council of Ministers obtained the {Euphrates News} a copy of them, the Council “decided to recommend to the House of Representatives to appoint [Ali Abdul Amir Allawi] governor of the Central Bank, based on the provisions of Article 1 of the First Amendment Law of the Central Bank of Iraq The
appointment of { Salah Nuri Khalaf} head of the Federal Financial Control Bureau, based on the provisions of Article 23 of the Law of the Office of Financial Supervision The
Council of Ministers also requested the Council of Representatives to appoint [Mohamed Abdel Hadi Mohamed Taqi Hakim} adviser to the Prime Minister, and [Fayad Hassan Nema] agent of the Ministry Oil, and {Hamid Younis Saleh Zobaie} and K. Yalla to the Ministry of Oil and {Adel Karim Kak Ahmed} as the Undersecretary of the Ministry of Industry and Minerals
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Post by Screwball on Wed 28 Aug 2019, 5:26 pm

J
[You must be registered and logged in to see this link.] wrote:
[You must be registered and logged in to see this link.] wrote:
[You must be registered and logged in to see this link.] wrote:Million dollar question Ahill
Do you think they can support 1 dinar to 1 dollar with 42 trillion dinars in circulation?
IMHO only by deleting 3 zeros off the currency.  I’ll get crucified for saying this but I think the LOP is the way they will do it.   Someone please prove me wrong.  Not what I want to happen but don’t really see how they can do it otherwise.


A float would allow them to pull the amount outstanding in at a measured pace.  


If you believe the amount outstanding is accurate.....I do not.  


A lop would not strengthen the economy, only make their accounting easier.  


Besides, articles state that the delete the zeros project would be initiated when tariffs are applied to imports in order to offset the increase in prices.  This action is a change in the exchange rate.    
My questions is how much is in circulation inside a country and out? That’s if the figures are correct? Those out of the currency when they exchange what happens to their dinar? Isn’t it held in reserve by the exchNg central bank and country? Isn’t this what happens with any currency exchange? Forex reserves? So why do they need to cover dinar outside the country?
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Post by Screwball on Wed 28 Aug 2019, 5:28 pm

What happens if they do a 10 old for 1 new dinar?like Germany?
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Post by Lobo on Wed 28 Aug 2019, 5:35 pm

Everything is electronic - when you exchange, you can't walk out of the bank with all that money.  You get it posted to your account, you can take some out but the rest is in digits in your bank account.  That will reflect throughout the banking levels - the countries have already worked all of this out.  Iraq is considered about, if not the most wealthy country in the world - because the IMF years ago, allowed the countries to consider the wealth in the ground as part of their reserve and wealth.  Iraq has oil, gold - so much you can find some of it in rocks on top of the ground, diamonds, rare earth minerals, natural gas, etc.  The IMF has said once they add value to their currency and become Art. 8 - international, they will be a financial hub in the Middle East - so, not to worry, just don't spend it all in one place.

flowerflower
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Post by Lobo on Wed 28 Aug 2019, 5:39 pm

Everyone, please relax.  Iraq is poised to be a financial hub in the Middle East per the IMF - Iraq wants world trade, they want to be part of the international "crowd" - if they don't do what they are supposed to do, the country will suffer and all they worked for will be lost.
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Post by Screwball on Wed 28 Aug 2019, 7:48 pm

What’s Wards view on the dinar in circulation, I personally think numbers are incorrect, two sets of books are in play..

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