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June 7, 2023[You must be registered and logged in to see this link.]
Baghdad / Obelisk Al-Hadath: The Iraqi Border Forces Command announced the arrest of foreigners who tried to bring counterfeit money into Iraq through the Shalamcheh port, at a time when the presence of counterfeit currencies is increasing inside Iraq, and it is a financial crime facing Iraq for the purpose of manipulating the financial system and circumventing laws.
The economic expert, Salam Sumaisem, told Al-Masalla that one of the most severe means of economic destruction and wars of survival is counterfeiting money and flooding the country with it, considering that counterfeiting currency wars is a destruction of values and is an existential war.
And counterfeit currencies pose a threat to the national economy and financial stability of the country, and lead to a deterioration in the strength of the local currency, an increase in inflation, and a loss of confidence in the financial system.
The journalist, Abd al-Rahim al-Absi, considered that the counterfeit currency is in order to destroy the Iraqi economy and compensate for the looting of hard currency.
And economist Ali Al-Obeidi says that the advancement of technology facilitates the production of counterfeit currencies of high quality and difficult to verify, and that some of those involved use fraud and manipulation techniques to pass counterfeit currencies into society.
Activist Shams Louay said that the counterfeit currency will raise the exchange rate of the dollar in Iraq.
Counterfeit currencies are smuggled across borders and traded on the black market, and in some cases advanced counterfeit technologies are used, so some counterfeiters use advanced technologies to manufacture counterfeit currencies such as 3D printing and laser engraving.
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