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Established in 2006 as a Community of Reality

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How to visit the Iraqi currency: revealing the secrets of its previously and current printing and “m

rocky
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How to visit the Iraqi currency: revealing the secrets of its previously and current printing and “m Empty How to visit the Iraqi currency: revealing the secrets of its previously and current printing and “m

Post by rocky on Tue 29 Sep 2020, 2:41 pm


[size=30]How to visit the Iraqi currency: revealing the secrets of its previously and current printing and “most popular denominations”… 200 million “counterfeiters” a month in the markets!


2020-09-29
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Yes Iraq - Baghdad
In recent years, the phenomenon of counterfeiting Iraqi currency and its spread in the local markets has become famous in Iraq, which leads to heavy losses for merchants who are deceived by this currency, as the security authorities announce from time to time the arrests of mafias and counterfeiting gangs in their possession of large forged sums of all financial categories.
Trillions in Iraq..fake billions
The data of the Central Bank of Iraq shows that the size of the Iraqi monetary mass circulating in Iraq is between 40 and 45 trillion Iraqi dinars, as it is considered a fluctuating number as a result of bank withdrawals in various governorates for the damaged currency and subsequently compensated for a new currency, according to the central data in 2019.
However, this large monetary block is added to it at least 4 billion Iraqi dinars as counterfeit currency forged by mafias and gangs, according to the issuance and treasury department of the Central Bank, a year ago from now.
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The department says, at the time, that Iraqi banks discover amounts of no less than 200 million dinars every month, while they receive deposits from citizens, explaining that the discovery of these amounts is individually for Iraqis who have fallen victim to receiving counterfeit currencies.
She adds, that the forged cash denominations are often for the fifty thousand dinars denomination and the 25 thousand dinar denomination, and to a lesser extent the 10,000 dinar denomination, pointing out that cash workers can easily detect counterfeit currencies, as the Iraqi currency has no less than 20 stamps, stamps and marks impossible. Counterfeiting, which are protections for currency against forgery
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The new editions of the Iraqi currency now include new security additions such as paperboard, glossy and sealed transparent paper, which is difficult for the most skilled counterfeiters to imitate, and the coming months will witness the replacement of most of the large currency denominations such as the 10,000, 25,000 and 50,000 denominations with new prints.
How are things going now?
A member of the Parliamentary Finance Committee, said today, Tuesday, September 29, 2020, that there is a difficulty in counterfeiting the Iraqi financial currency, while noting that the mass of counterfeit money in the markets is known only through the Central Bank.
The committee member states that the Iraqi currency was printed before 1991 in Switzerland, and after the fall of the previous regime in 2003, its printing moved to the British Institute in London, indicating that the currency is printed according to international specifications that cannot be forged in any way, in addition to the financial cost of printing paper that increases For 1 cent, and it is not possible to forge it.
He points out that counterfeiting gangs are present in all countries of the world, and the issue of controlling them remains the responsibility of the competent security forces, pointing out that “the difficulty of knowing the mass of counterfeit money in the market is only through official statements issued by the Central Bank.
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The last incident .. Where?
Earlier this September, the Basra Provincial Police Command announced the arrest of those accused of counterfeiting currency notes in Al-Zubair district, who were seized in their possession of counterfeit Iraqi currency and foreign currencies of the 50, 52 and 10 thousand dinars, amounting to 3 million and 830 thousand dinars, In addition to 1700 US dollars, 100 dollars denomination.
In previous years, the phenomenon of counterfeiting currency has spread in the local markets, which leads to losses for traders who are deceived by the counterfeit currency, and in recent years its severity has abated. The Ministry of Interior continues to arrest from time to time the counterfeiting gangs.


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