The talk of buying the dollar with a “fake dinar” is repeated in Iraq.. What makes it possible or impossible?
Al-Sumaria News – Exclusive – Over the past years, talk about submitting forged or counterfeit invoices to the Central Bank of Iraq for the purpose of buying the dollar under the pretext of import, was a common thing and was recognized by successive Iraqi governments and all parties concerned with this file. Therefore, but talk about “providing money or an Iraqi dinar Counterfeit” to buy the dollar, something that began to be talked about during the past year only, to be documented in the recent statement of the US Treasury Department.
The US Treasury Department, in its decision published on its official website, regarding the inclusion of the Iraqi Al-Huda Bank in the sanctions list, stated that the bank has been subject, since its establishment, to the control of the Iranian Revolutionary Guard, and allows it access to the American financial system using fraudulent documents, fake deposits, identity documents for deceased persons, fake companies, and the Iraqi dinar. Counterfeit, which provides opportunities to hide the identities of the counterparties in the transaction to correspondents, providers of banking relationships, while also indicating that the bank, since its establishment, has smuggled $6 billion from Iraq with fake import documents.
Talk about submitting false documents or invoices for goods and commodities to the Central Bank to buy the dollar from it, and then transferring the dollar abroad without bringing in the corresponding goods, was common and well-known, but the accusation of using counterfeit or counterfeit money to buy the dollar is something worth thinking about and discussing, especially after… It was stated in the US Treasury decision.
What is the reason for talking about the counterfeit dinar?
During the past year, talk emerged from representatives and economic experts about the existence of a counterfeit Iraqi dinar that some parties use to buy the dollar, but the story may be somewhat “unbelievable,” so how does the counterfeit Iraqi dinar pass through the central bank or the black market offices to buy the dollar?
As for the reason for talking about this matter, it appeared when the dollar began to rise significantly in the parallel market, and when the Central Bank no longer sold the dollar to any party, as before, or by approving any questionable invoices. Therefore, these parties went to buy the dollar in a large and multiplied manner from the parallel market, which led to… Due to the rise in the price of the dollar in the market, testimonies emerged from office owners and money exchangers that entities and people come carrying very large sums of Iraqi dinars, all of them in a “new edition,” and buy huge amounts of dollars from the market.
Talking about a new edition, and talking about very huge amounts of money from the dinar, prompted specialists to say that this money is counterfeit, or at least printed for this specific purpose, or printed in Iran, according to some opinions, for the purpose of buying the dollar from the Iraqi market, otherwise where do these entities come from? With this large amount of money (the new Iraqi dinar) and constantly buying huge amounts of dollars every day?
A previous report by Al-Sumaria: 30% of goods were imported in parallel market dollars.
Earlier and a few days ago, Al-Sumaria News published a report comparing the Central Bank’s sales of dollars for the purpose of remittances and imports in 2023, and global data on Iraq’s actual imports, as the bank’s data indicate. The Central Bank said it sold more than $25 billion in remittances in 2023 for the purpose of import, but global data indicate that Iraq imported goods in 2023 worth more than $36 billion.
This leads to the fact that approximately 11 billion dollars went out as remittances outside Iraq for the purpose of import, but not from the Central Bank, but rather were obtained from the parallel market. Here, the huge amount of money or Iraqi dinars through which the dollar was purchased from the parallel market becomes very clear, as it is approximately 17. One trillion dinars went to the parallel market in 2023 for the purpose of purchasing more than 11 billion dollars away from the Central Bank, and this is one of the reasons behind doubt and the logicality of the existence of counterfeit money or dinars through which the dollar is purchased.