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Neno's Place Established in 2006 as a Community of Reality


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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    The counterfeit Iraqi dinar.. Organized gangs penetrate the markets and exacerbate the wounds of the

    Rocky
    Rocky
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    The counterfeit Iraqi dinar.. Organized gangs penetrate the markets and exacerbate the wounds of the Empty The counterfeit Iraqi dinar.. Organized gangs penetrate the markets and exacerbate the wounds of the

    Post by Rocky Fri 03 Feb 2023, 7:35 am

    [size=47]The counterfeit Iraqi dinar.. Organized gangs penetrate the markets and exacerbate the wounds of the local currency[/size]


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    Baghdad

    Ahmed Eid


    February 03, 2023
    Fears in the Iraqi street about the negative repercussions of the counterfeit dinar (AFP)
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    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.
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    [size=12]Arab economy

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    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.
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    [size=12]Arab economy

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    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.
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    [size=12]People's economy

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    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.
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