Four billion dinars of counterfeit currency enter monetary transactions in Iraq


Four billion dinars of counterfeit currency enter monetary transactions in Iraq

Baghdad – Dr. Hamid Abdullah: Iraqi banking parties accuse parties, mafia and armed groups of entering large amounts of counterfeit Iraqi currency into daily trading in local markets!

While Iraqi politicians admitted that they were drowning the Iraqi market in counterfeit currency in the time of the former regime, a senior official in the Central Bank of Iraq said that 200 million dinars are discovered monthly by government and private banking agencies.

The Director of the Department of Issuance and Treasury in the Central Bank Jafar Ghulam that 4 billion dinars of counterfeit currency entered daily transactions and that 200 million of them are discovered monthly through citizens who are usually victims of this forgery.

Politicians opposed to Saddam Hussein’s regime acknowledged that, with the help of the Iranian government, they were paying a large block of cash from the counterfeit Iraqi currency to the Iraqi interior, using the printing press at local Iraqi presses following the economic embargo imposed on Iraq in the 1990s.

According to the banking source, it appears that parties and armed groups find in the window of counterfeit currency a door to achieve illegal profits and may find these groups of easy to deal with counterfeit currency within banking companies or even within government banks or through auctions sale of currency in the Central Bank of Iraq .

Data from the Central Bank of Iraq that there are approximately 40 to 45 trillion Iraqi dinars printed in foreign presses on the market in Iraq.

The central bank is forced to replace the paper money categories from time to time or reprint them with the addition of new technical specifications and specifications that hinder attempts to falsify them.

The Association of Banking Companies in Iraq that the owners of exchange companies have resorted to the import of machines dedicated to the counting of the Iraqi currency from Germany and China have the privacy of sorting the real currency of counterfeit to protect themselves from the frauds that cause great damage.

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