Central Bank Act to issue calls for the deletion of zeros from the currency
On: Saturday 03/03/2012 10:11

Baghdad / term follow-up

Approved the Iraqi Central Bank Governor Sinan Shabibi the presence of counterfeit currency in Iraq are being traded at rates limited, calling for the House of Representatives to pass a law to delete the zeros of the Iraqi dinar and replace the currency of more sedate difficult to falsify. Saw the Iraqi provinces several, including Karbala, Najaf, Babil, Wasit, Sulaymaniyah and Baghdad,
In recent months, adjust the amounts of counterfeit currency, and detained by local authorities in these provinces specialized gangs forged currency, promotion and fraud on the citizens.

The Shabibi during a hearing held by the Parliamentary Finance Committee that during the trading operations at the level of monthly Central Bank of Iraq, appeared between 8 and 16 sheets of a ten thousand Iraqi dinars a fake, and the same class of 25 thousand dinars.

For her part, the parliamentary economic committee member Nora Albjara told the newspaper that the life of its Committee heard comments about the Central Bank of counterfeit currency and the suggested solutions, pointing to the adoption of the provision of law to replace the existing currency with a new one after deleting three zeros from them. And accused the regional countries facing economic sanctions, of trying to destabilize the Iraqi economy through the introduction of counterfeit currency and take advantage of collecting the maximum amount of foreign currency, such as the dollar, which began running out of the market.

The Central Bank of Iraq made adjustments to their systems to sell the dollar in the official auction, because the traders and the offices of Banking remove large amounts of dollars to Iran and Syria, which applied the right to economic sanctions led to the deterioration of their local currencies worldwide, where he began the CBI claim of private banks documents demonstrate their need for hard currency.
The deputy governor of the Central Bank of the appearance of Mohammed Saleh said that counterfeiting is very limited in Iraq, pointing out that the most important obstacles faced by counterfeiters is the type of paper the distinguished used to make the Iraqi dinar, as is the paper handler and resistant to dirt and longer-lived in circulation, in addition to the presence of thread safety and the watermark and security rest of the specifications.

Did not rule out the occurrence of forgery, because of technological advances in printing processes, and the availability of printing devices attributes of high-definition at hand in the markets, but stressed that the presence of security features on the currency and the ability of the Iraqi banking system and the people on the discovery of fake very quickly to prevent the widening phenomenon.

And a project to replace the currency, after deletion of zeros, Salih stressed that this project is under development and will be issued a new currency the central characteristics than the world's currencies, non-penetrating or counterfeiting.

Financial authority and warned Iraqi banking offices and foreign exchange companies from exploiting their works everyday to promote counterfeit currency and money-laundering involvement, senior officials acknowledged their occurrence in Iraq.

Meanwhile, a President of the Economic Committee in the province of Karbala, Tariq Kikhany: that the security forces detected in a number of provinces have been active in gangs are forging currency, pointing out that these offices are not subject to scrutiny, because of the number and the dozens of people have opened offices banking, without reference controls in place.

She drew the local authorities in the province of Babylon, adjacent to Karbala, they arrested a gang of seven people, specializes in forging foreign currency, while its members are in the process of promoting counterfeit currency, and seized possession of a forged 60 thousand dollars.

The director of the beauty of the banking and foreign remittances beauty Ajili that counterfeit currency in the market, domestic and foreign, strange that some traders do not normally easily detectable.

The Judicial Council in the last Iraqi census that his 1297 sentence issued during the year against those accused of forgery of the currency.