Central Bank: counterfeiting «slow». It does not affect the exchange rate

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The CBI statement agreed with Iraqi and international banks to withdraw counterfeit currency, while stressing that "fraud", an Iraqi Economist said "the failure of most of the operations because of the difficulty of forming a national" banknotes.

A source at the Central Bank, in a statement to "the world", that "there are indications of old a counterfeit currency, before the Central Bank and the Ministry of finance by dragging them from the market."

"The Iraqi authorities concerned have concluded cooperation agreements with Iraqi banks, forged deposit withdrawals." "Any citizen trying to pass counterfeit currency via the Bank withdraw from."

The source said, on condition of anonymity, that "the World Bank has long followed the activity of the economic crime police said gangs of counterfeit currency seized in Baghdad and Salahuddin by more than a year, but at the same time spread fake currency with way too slow, and is passed through bundles of money without being noticed by the recipient how much fake paper within it."

However, the source said "the fraud currently in Iraqi market do not concern to officials at the Central Bank of Iraq to maintain currency stability and fraud will not affect the disbursement rate against the dollar."

"The concern is the smuggling of currency and money laundering."

In contrast, said Hassan Suleiman, a member of the parliamentary Finance Committee, in a statement to "the world", that "the Committee had not received any complaint or request to discuss the issue and verification of credibility."

Solomon said that fraud exists in all States, even the great powers that possess the coins difficult to forge, typically arrest counterfeiters, and freeze the counterfeit currency in financial dealings, a global context taken in all countries of the world. "

Suleiman stressed that "the Central Bank cannot move between citizens to withdraw counterfeit currency, but meaning in directing banks to withdraw counterfeit papers of Iraqi currency, it does not have police and inspectors in the market". Noting that "combating economic crime police on pursuit and arrest counterfeiters."

"The prosecution is done after informing the Bank about a fraud, already is talking about the topic of counterfeiting and now economic police followed up and prosecute criminals."

In turn, counting the financial expert, Majid Al-Souri, the amount of counterfeit currency is very low. He told of "the world", that "the economic impact will be clear and negative if the forgery in large sizes, and intelligence agencies confirm that fraud is now minimum."

Mock said that "it is not easy to counterfeit Iraqi currency, so very few areas of counterfeiting, and sometimes discovered but due to the lack of these amounts detected are not talked about."

Mock said that "reporting fraud meant reporting on who is trading counterfeit currency, this topic needs significant cooperation between all sides either shops or Exchange companies, banks, the Central Bank and various security agencies, in relation to money laundering and the fight against economic crime".

Mock noted that "the main problem associated with banking and banking and money transfer, and even dollar cash deal substantial amounts must have the device for detecting counterfeit currency."

He called Souri "cooperation between all actors to detect counterfeiters, particularly because the Central Bank cannot detect counterfeiters alone because it deals with banks not with individuals".

He said Iraq has seen in previous years before 2003 or after waves of counterfeit currency, began as a phenomenon in the 1990s, after the imposition of economic sanctions on the country and the former regime's invasion Kuwait, Iraq's currency was printed feet inside the country to high inflation in an unprecedented manner, as well as the increasing incidence of counterfeiting at the time because of the lack of international standards adopted in printed currency.

This year saw the arrest of some 1,300 people, forging local and foreign currency.

And Prague in the 1990s proliferation of counterfeit currency in Iraq following the imposition of economic sanctions on the country and the invasion of Saddam Hussein's regime, Iraq's feet to reprint its currency within the country to high inflation to unprecedented limits, as well as the increasing incidence of counterfeiting at the time because of the lack of international standards in its course.

The events provided by the country after 2003, the opportunity for forging official documents and currencies amid disarray and lack of administrative oversight.

After 2003 was issued new Iraqi dinar made in presses delaro in Britain developed specifications are difficult to forge printed dinar replaced the locally, and replace Iraqi dinars printed in Switzerland which was in circulation in the Kurdistan region after 1991, equivalent to 150 dinars.


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Seems like there were a bunch of articles 6-12 months ago that were saying the counterfitting did effect the exchange rate...

Oh Well Glad they got it corrected. :lol:

Yes CITEX I remember the same.

CITEX wrote:Seems like there were a bunch of articles 6-12 months ago that were saying the counterfitting did effect the exchange rate...

Oh Well Glad they got it corrected. :lol:

The articles states, ""The events provided by the country after 2003, the opportunity for forging official documents and currencies amid disarray and lack of administrative oversight.