Central Bank warns of the presence of fake banknotes of a five thousand dinars

[yota691]

Central Bank warns of the presence of fake banknotes of a five thousand dinars

SATURDAY, OCTOBER 27 1 / OKRUDOLF 2012 10:01

Twilight News / An official source in the Iraqi Central Bank, on Saturday, the existence of "quantities" of counterfeit coins from a five thousand dinars, is currently circulating in the country, warning citizens of "becoming victims of dealers."

The committee confirmed the economy and investment parliamentary confirmed that counterfeit currency circulating in Iraq is "at least" compared to the proportions in the countries of the world, pointing out that the central bank "failed" the action taken to reduce the foreign exchange rate against the Iraqi dinar

The source, who asked not to be identified for " Twilight News "," The Central Bank noted in a recent presence quantities of counterfeit currency from a five thousand dinars to be dealt with in the banks and markets in the cities and provinces of the country, "warning citizens of" falling in trap fraudsters who are pumping money in the markets and government and private banks. "

The several governorates, including Karbala, Najaf and Babil, Wasit, and Sulaymaniyah, and Baghdad has seen during the last months of last year and early this year set the amounts of counterfeit currency, also detained by local authorities in these provinces several gangs specialized rigging and promoting counterfeit currency and to circumvent the citizens.

With some press reports revealed the existence of specialized presses forging currency in a number of areas of the capital Baghdad, falsify several currencies, including the Iraqi dinar and the U.S. dollar.

Authorities have warned Iraq's financial banking offices owners from exploiting their offices in illegal operations such as the promotion of counterfeit currency, or involvement in money-laundering operations, which reports indicate local and international to it being widely in Iraq.

MM R / P http://www.shafaaq.com/sh2/news/economy-news/47614-%D8%A7%D9%84%D8%A8%D9%86%D9%83-%D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2%D9%8A-%D9%8A%D8%AD%D8%B0%D8%B1-%D9%85%D9%86-%D9%88%D8%AC%D9%88%D8%AF-%D8%A7%D9%88%D8%B1%D8%A7%D9%82-%D9%86%D9%82%D8%AF%D9%8A%D8%A9-%D9%85%D8%B2%D9%88%D8%B1%D8%A9-%D9%85%D9%86-%D9%81%D8%A6%D8%A9-%D8%A7%D9%84%D8%AE%D9%85%D8%B3%D8%A9-%D8%A7%D9%84%D8%A7%D9%81-%D8%AF%D9%8A%D9%86%D8%A7%D8%B1.html

[Lacey]

Thank You for all the news you bring in yota

[tilak]

Yep...Thanks Yota.

[yota691]

Thank You for all the news you bring in yota

Thanks Lacey and GM to you and all of DV!!

[jeepguy]

mmmmmmmmmm a 5000 dinar coin?? they must have meant dinar note ---- almost purchased a hand full of 5,ooo myself glad i passed

[smee2]

That mention of a coin is certainly strange ... I agree that they are speaking of a bank note, considering they mention in the story the existence of presses counterfeiting the dinar and the US dollar.

On first reading of the headline, one thought occurred, and I have no reason after reading the story to think anything else, actually.

If the country of Iraq wanted to refuse accepting currency ... of any denomination ... they could simply circulate "news" that many of their denominations had been counterfeited, and therefore, all notes were suspect, and they could hold them indefinitely, or simply refuse to certify them as genuine. If they wanted to use the counterfeit ploy to keep from having to acknowledge dinar notes, especially those that would come from out of country, where, they could hint, even more counterfeiting is going on, what better way to see how that kind of "news" and results of it would take in the dinar holding community, than to start off with a single note they declare has been broadly counterfeited. Seems to me it would be a good place to start. Then again, they could, if they chose, refuse to acknowledge as genuine any notes even if they passed the ... test ... forgot the name of the machine, but you know what I mean.

Anyway, hope this isn't the tip of the iceburg when it comes to fake bank notes and Iraq claiming even more of them.

smee2

[endeavor1]

No worry's, they were tested before they were allowed to be sold to another country, especially America. Just as long as you bought from a reputable company. Thanks Yota, you're the best. Go RV!!!!!!

[Whiskey bob]

Thank you for the common sense reply. My dinar investments have been in the 5,000 notes, mainly because when I exchange 1, guessing they will RV for less than $2.00 each dinar. Will mean I will not be required to report it to the government, being under $10,000. That will prevent the increase in my taxes. If they RV over $2.00 then I won't mind paying the tax. But I trust my dealers to have good bills...

[Butifldrm]

I just want to go down memory lane and remind everyone, one of the primary reasons the currency was replaced in 2003 was to combat counterfeiting. Shabs for years said that counterfeiting was not an issue. Now all of a sudden it is

[zigmeister]

I just want to go down memory lane and remind everyone, one of the primary reasons the currency was replaced in 2003 was to combat counterfeiting. Shabs for years said that counterfeiting was not an issue. Now all of a sudden it is

Good point. So put on our thinking caps and why would this be so?

[4aprofit]

IMO...It is all Smokescreens, Why So Serious?...lol.....If one does'nt think so, then tell me why they just now have a rash of concerns and worries over some "Toilet-Paper-Copycats"...while the dinar has actually fell in price, not to mention that there are just way too many currencies that they can make that have far more value, easier to make, easier to pass off in more places as per being more readily recognized and already being internationally tradeable, and many of the other currencies dont even have as secure of counterfeit measures...so your telling me the counterfeiters have gone totally crazy...and now spend longer hours, working harder, to replicate almost worthless currency now?...(at least as per the value)...versus the U.S. Dollar or anything else that will fetch a "fair price"...in compaarison to this stuff...maybe some believe this crap, but they aint snowin me on this one, no different than why Iraq or the U.S. Media does'nt show anything good that has been happening in Iraq, and some of it would be world record setting economic strides...and they try to snow us on all of that too...but I'm not biting on that crap either.....lol...

P.S. If the below article is true, this would probably involve less counterfeitting going on, with the Iraqi currency, than probably any country in the world.....I wonder what the percentage is of U.S. Dollar counterfiets?...

On another note, a currency dealer once told me that they had one of these Iraqi Dinar counterfeits sent to them for a specimen, they said you could spot it from 20 feet away, and that you would have had to be a half blind Syrian goat herder to accept it, and that all of these that they had ever heard about, that were counterfeit, were the "circulated" ones...and even then, it was usually involved in a transaction over there, whereby a purchase was made, and there was a stack of the circulated notes given for a purchase, wherein the counterfeit one would be in the stack, so as to pass without detection easily, especially due to the volume of all of the notes...

Iraq states that only 25K of every 1 Billion IQD is Counterfeit!

Iraqi Central Bank Warns of Counterfeit Money

Sunday, 21 October, 2012

SULAIMANI, Kurdistan Region—The head of the Bank of Kurdistan says that the Central Bank of Iraq has warned all branches across the country of the circulation of counterfeit Iraqi banknotes in the market.

“We are always concerned about the spread of counterfeit money in the market,” says Dilshad Abdulmajid, the head of the Sulaimani branch of the Bank of Kurdistan.

Abdulmajid told Rudaw that up to now fake banknotes have not reached Kurdistan’s markets in amounts that would pose a threat to the economy.

“But because of the situation in Syria and threats against Iran, there is the risk of counterfeit money crossing the borders of Iraq and the Kurdistan Region.” Abdulmajid said.

He suggests that border checkpoints and customs officials should be more vigilant.

Adham Karim, the head of the main branch of the Bank of Kurdistan says that his office does not have certain data about the circulation of counterfeit money in Iraq. But Abdulmajid maintains that his branch has been informed by Baghdad of the spread of fake 5000-dinar bills and that “we should be more careful when dealing with that particular note.”

Karim does not deny that his staff detects fake banknotes passing through his bank from time to time, but he says it has always been in insignificant amounts.

“However,” Karim says. “The borders are more open now and extra vigilance is necessary.”

Abdullah Muhammad, a money trader in Sulaimani’s currency exchange market says that fake banknotes are like a “time bomb that may suddenly explode” if it is ignored.

“Twice in the past I have been given fake money,” Muhammad says. “But thankfully both times the amounts were small. By the time I found out the person had gone. Now, I check every single note I receive.”

Tahir Abdullah, the manager of the Sulaimani Airport says that his staff has never seized any counterfeit money passing through the airport.

“Any money passing through the airport is under the supervision of the airport customs,” Abdullah says. “But sometimes the amounts are too huge to be checked individually.”

Abdullah added that people who trade in forged currency might not use airports to move their money around.

One of the security features of Iraqi money is a metallic thread that runs through most banknotes. Abdulmajid says the thread is missing in the fake notes, but the forgers have tried to come around that problem, too.

“The fake notes do not have the thread, but there is a thin line that resembles the thread,” he says. “You won’t be able to notice it if you do not look carefully.”

Abdulmajid says that in every 1 billion, 25,000 dinars could be counterfeit, and “this could be something normal. But this is the first time we get warnings from the Central Bank of Iraq.”

Kurdistan’s Minister of Finance Bayiz Talabani says that he is unaware of counterfeit money circulating in Iraqi markets, but he is certain that such notes cannot enter Kurdistan’s markets.

“We have great money inspection machines and such notes cannot reach us easily,” he told Rudaw.

LINK

http://bit.ly/SbOf3W

[4aprofit]

On another note, if they are so worried about counterfietting in Iraq, then why is there just now all the hooplah and concerns over it, and like never before.....it's like as if they are getting ready for something that quite possibly was not as much of a concern before, or until now...or whereby perhaps they are scared that they may have to redeem something that might end up having a real value, because hey, if it is just going to remain toilet paper valued money, since the U.S. dollar is used predominently anyway, then why fret or sweat it...or make such a big deal over it, especially if there is no more of it out there in proportion to anywhere else in the world, if not even less?.....and we already know that there is a lot of U.S. Dollar counterfeit money, not only in Iraq, but the entire Middle Eastern region, like Iran, Syria, Lebanon and others...especially due to the sanctions and instability in the region now...Syria used to be the largest counterfeiters of the U.S. Dollar, and quite possibly may still be today, it was said that they had the most sophisticated equipment and techniques...Again, why would counterfeiters waste their precious time on something like the Iraqi Dinar, that not only has no value, but if these experts already are skilled and good at making the U.S. Dollar, that actually has a much higher value and is easier to trade anywhere in the world, why go south with your program and degress into worthless stuff?...Another point that I would like to make, is if the government needs finalizing, and the budget needs to be exposed and made public, and the real rate of the Dinar needs releasing, as per it's true value, as it has been pretty much kept under an artificially controlled rate for appx. 3+/- years now, when prior to this for appx. 7-8 years the dinar rose in value, or until they stuck it, intentionally....and then they have probably spent millions or more, and countless hours that could have been used finalizing everything else, haggling over the currency, mainly regarding the removing of the "zeros" issues....with voting, deliberating, parliamentary proedures, etc., etc., etc...all over this so-called "worthless-currency"...and all of a sudden...NOW THEY ARE ON A MASSIVE CAMPAIGN TO RECOGNIZE AND CONQUER "COUNTERFEITTING"....WOW!...IMO..IT IS NOTHING OTHER THAN A SMOKESCREEN...AS THE DINAR DOES'NT HAVE ENOUGH VALUE AS PER WHAT LITTLE OF IT THAT IS OUT THERE ON THE STREETS OF IRAQ...TO CAUSE ANY DELIMNA OF "ANY SIGNIFIGANCE".....AGAIN, THEY ARE NOT SNOWING ME ON THIS ONE...ALL I CAN SAY...IS IF THEY ARE SO WORRIED ABOUT THE CURRENCY ABOVE ALL ELSE THAT NEEDS TO BE DONE...IT SOUNDS LIKE THE CURRENCY MAY BE THE VERY THING THAT THEY MUST WORRY OVER....AS IT WILL BE THE DRIVING FORCE OF THEIR ECONOMY ONCE IT GOES LIVE INTERNATIONALLY....PUT IT THIS WAY, IF THE U.S. DOLLAR FELL TO THE PRICE OF THE DINAR TOMORROW, WHO WOULD TOUCH US WITH A TEN FOOT POLE?....AND YOUR TELLING ME THAT IRAQ, THE TOP GROWTH ECONOMY IN THE WORLD, (AS PER RECENT FIGURES FROM THE C.I.A. WORLD FACTBOOK), CANNOT EVENTUALLY HAVE A MUCH HIGHER VALUE THAN A TENTH OF A PENNY PER DINAR, WHILE COUNTRIES NEXT DOOR, EVEN KUWAIT, IS AT ALMOST $4.00 PER DINAR...AND KUWAIT IS INVESTING IN IRAQS STOCK MARKET, INVESTING IN ALL THE SECTORS OF IRAQ, BIDDING ON IRAQ'S OIL, PUTTING HOTELS AND BANKS IN IRAQ..."WEALTH FOLLOWS WEALTH, NOT POVERTY".....GET REAL...THIS IS COMING ...AND IT IS NOT AN IF, BUT JUST A WHEN....IT'S CALLED FOLLOW THE MONEY!....WITH SMOKESCREENS GALORE....FOR WHAT IT'S WORTH...

[Doctor Smith]

No worry's, they were tested before they were allowed to be sold to another country, especially America. Just as long as you bought from a reputable company. Thanks Yota, you're the best. Go RV!!!!!!

I bought some off of ebay from a high rated seller that is still selling. Shipped from Jordan. Probably ok. The security features of the 5000 don't seem to be available on the net. Only the 25,000 notes are shown.

Saved hundreds of dollars compared to the 40% mark up by the dealers at the time.

[4aprofit]

Folks...never...ever...Forget...that there are those that are just as crafty at getting you to sell back your dinars, as there were those who were pumping you up to buy them...as the spread goes both ways...the Spin actually goes both ways...just like the profits....amazing is'nt it...some of the same ones..whether using the same name or an alias...make the investment look good one day, and then bad the next...and then it all goes full circle again...go figure...lol...

[4aprofit]

On another note..I've always wondered if there are TRUE statistics, showing how much counterfeit US Dollars are actually in circulation here and abroad...it would probably astound us...but we never hear ANYTHING...

[jonjon]

I bought some off of ebay from a high rated seller that is still selling. Shipped from Jordan. Probably ok. The security features of the 5000 don't seem to be available on the net. Only the 25,000 notes are shown.

Saved hundreds of dollars compared to the 40% mark up by the dealers at the time.

I bought 1 mil of the 5K notes from the same ebay source shipped from Jordan.

I heard about the 5K counterfeit about a year ago so I bought a blacklight and checked the

mark. I found it and hope the ones I've got are good. I have no way of knowing for sure.

Does anyone know how to detect the counterfeit notes?

[DayGee]

Folks...never...ever...Forget...that there are those that are just as crafty at getting you to sell back your dinars, as there were those who were pumping you up to buy them...as the spread goes both ways...the Spin actually goes both ways...just like the profits....amazing is'nt it...some of the same ones..whether using the same name or an alias...make the investment look good one day, and then bad the next...and then it all goes full circle again...go figure...lol...

Who's paying you to pump?

[DinarDana]

I worry they are screaming counterfeit so they have an excuse to shut down the borders - raise and exchange locally, and tell the rest of the world to pound sand. (ironically). Every time I hear this I fear they have something up their sleeve.

[Austin-Powers-for-PM]

Who's paying you to pump?

So why would you think that is a "Pumping" message? It's well thought out and has some logical sense. You may agree or disagree with 4aprofit's thesis, but to throw the 'Pumper" label without any sort of context is really ludicrous on your part. If you want pumping, just take a look at Terryk or other "RV today/tomorrow/this week" guru types who have never even come close with their predictions.

[4aprofit]

For anyone that is worried about the dinar, and/or what they may or may not do over there, besides the pumpers and dumpers, just look at all of the countries that are literally dumping the US Dollar, not to mention the losses the dollar is incurring...if just through inflation, holding onto U.S. Dollars is financial suicide IMO...if you dont believe it, then why are there so many getting out of the Dollar...and I'm talking some big boys...and they're not only diversifying into gold and silver, but foreign currencies and other offshore assets...these are known facts...so whats the beef with this?...The final bell has'nt been rung as per the finality of this thing yet anyway, so until it does, while watching the Dollar sink...who cares about the risk of taking one currency that is already headed into the crapper and trading it for some of another...that has'nt for the most part lost at all...or yet!...How retarded can one be, to not be able to see this one?....And you dont even have to be a pumper or dumper to realize this...lol...

[ALBUNDY]

I just wonder why would the fake banknotes still happen if it won't be worth something?what do you think folks? Does this ever happen to other countries ( about fake banknotes ) if theirs currencies won't be worth something? May folks here know and be able to name those countries.

[keepmwlknfny]

I just wonder why would the fake banknotes still happen if it won't be worth something?what do you think folks? Does this ever happen to other countries ( about fake banknotes ) if theirs currencies won't be worth something? May folks here know and be able to name those countries.

Everything is worth something my friend....

Think about this....their 25k note is worth more then 20 USD right? Well do you know what the most counterfeit bill here is in the states? The 20 dollar bill.....

So if your making mass amounts of fake 25k notes, and your able to get away with spending them, you can rack up some serious dough.....

This kind of stuff happens everywhere....which is why countries switch up the face of their currency every so often.....

[unirod]

Keep,

You make a good point!!