COUNTERFEIT CURRENCY, FIVE THOUSAND and TEN THOUSAND DINARS, re-emerged in the market, the EXCHANGE RATE of the U.S. DOLLAR soared against IQD!

[ALBUNDY]

Specialists: counterfeit currency re-emerged in the market and on the security authorities control
 

 

 

07-04-2013 12:23 PM
 
 
Baghdad (news) / report / Hussein Faleh / .. It seems that the process of counterfeiting has become a lucrative business with the outlaws, where they appear from time to time cases of counterfeiting Iraqi groups five thousand and ten thousand dinars.

The number of citizens have complained in the provinces of Baghdad, Dhi Qar, Babel and Saladin the spread of counterfeit currency and dramatically in the market, what caused them to resort to buy dollars to keep their money.
 

 

And witnessed the exchange rate of the U.S. dollar soared against the Iraqi dinar during the last period due to increased demand to buy it.

Deputies and specialists in the economic sphere called the security authorities and the central bank to take their measures necessary to prevent the spread of counterfeit currency in order to preserve the national economy, stressing during their talk (of the Agency news) on the importance of withdrawing counterfeit currency from the market and issuing coins new carry blades security difficult to forge.

A member of the Economic Committee MP / National Alliance, / Amer the winner, called: Central Bank and the Economic Crime Directorate take their measures necessary to prevent the spread of counterfeit currency of dinars in the local market.

He said the winner) for the Agency news): The phenomenon of counterfeiting has become widespread and largely in the market for a particular category (5000 - 10000) dinars, and this index threat to the national economy, because it will lose the confidence of citizens in dealing in Iraqi dinars.

He explained: that the reduction of the proliferation of counterfeit currency is the responsibility of the security agencies in the state by taking their own means to fight this economic crime and arrest the perpetrators.

He added: that the central bank to have a significant role in preventing the spread of counterfeit currency because it ستربك the national economy, by issuing coins with new technical specifications and high carrying blades difficult security fraud, and the withdrawal of counterfeit currency from the market in order to contribute to the reduction of this phenomenon.

He had announced the official spokesman of the Ministry of the Interior enable the Directorate of Economic Crime in the Directorate of Salahuddin province police to arrest gang specialized foreign currency fraud and possession of counterfeit $ 130 thousand.

The Interior Ministry also said in a statement mid-March last year that 'the police force to combat economic crime in Dhi Qar was able to adjust the printing press to the counterfeiting of currency during an inspection of one of the houses in the neighborhood of Sumer central city of Nasiriyah', noting that 'force found the amount of 1.521 million JD forged from all categories. '

As a financial expert as Hadi al-Tamimi, confirmed that the operations of printing counterfeit currency are outside the country, because it is a complicated process and accurate through which revealed a cipher security in the currency, as evidenced by the process spread of categories of the (5000 - 10000) dinars, and not all currencies.

Tamimi said (of the Agency news): The spread of these currencies in the market ستشوه dinar reputation and lose the trust of the deal, and this will cast on the national economy, calling on the security agencies to combat this phenomenon and the arrest of the perpetrators.

For his part, the Director of the Al-Rimal specialized to sell hard currency Raed Aziz: that fraud existed in the market since a long time but have begun to increase, more and more, where it began the category of the (10000) dinars, and now increased fraud and dramatically category of the (5000) dinars.

Aziz said (of the Agency news): The process of fraud is very accurate so that it is difficult to distinguish between editions (potable and counterfeit) not only in the currency of the dinar and the dollar but even in some cases, especially class (100) dollars.

He added: that the aggrieved citizen first and last of these processes simple because it is difficult for him knowing fraud, while ATM per experience reveals financial fraud in the process, regardless of currency counterfeiting detection devices.

He pointed out: that the majority of traders and citizens prefer in the last period the dollar without the dinar to avoid the phenomenon of counterfeiting, and this is what led to the increased demand to buy the dollar over the last period and increased its price against the dinar. / End / 8. N. R /

 

THE LINK : http://www.ikhnews.com/index.php?page=article&id=80561

Edited April 8, 2013 by ALBUNDY

[ALBUNDY]

Counterfeit currency for 5000 and 10000 dinars again! When is it going to end? Will the counterfeit currency delay our RV?

[gainesm]

I'm guessing this would be more a reason to redenominate than it would be to RV... though I cannot imagine either one will occur so long as they are not proficient with the anti-counterfeiting measures necessary to instill confidence in their own currency.  

[4aprofit]

10-21-12, 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

[unirod]

This is such a B/S story! the citizens don't want to use the worthless Dinar. Only 1.5 million JD in counterfeit currency found in all catagories? so the people want to use the USD because they fear counterfeit Dinar? How many times can the Interior Ministry spin this story? Give us all a break!!!

Thx Mr. Albundy

[dontlop]

the cbi guarentees the official exchange rates at the cbi .. the street rates are what they choose to do ..  the cbi  will bring that rate back by continously selling the dinar at its official rates through the auctions ..

 

 so if people choose to sell their currency short ... then the next day the central banks are still selling the dinars at its official exchange rates .. all that means is who ever sold their dinars sgort ..lost out

 

 

if some guy was selling hotdogs for a dollar every day and another guy starts selling his for 1.25 ..  if you buy yours for 1.25 you lose . ..

[sandfly]

RV AND BRING NEW NOTES

[ALBUNDY]

May be I say May be this " counterfeit dinar " story is intended to scare away the dinar investor from buying up all the dinar. If some of the dinar investors already scare away easily then give up and sell all their dinars because of this " counterfeit dinar " story, then BOOM the CBI & GOI will suddenly announce the RV without advance notice. Who knows this is what they plan to do.

[TLHUBER]

May be I say May be this " counterfeit dinar " story is intended to scare away the dinar investor from buying up all the dinar. If some of the dinar investors already scare away easily then give up and sell all their dinars because of this " counterfeit dinar " story, then BOOM the CBI & GOI will suddenly announce the RV without advance notice. Who knows this is what they plan to do.

Just what I have been thinking about. Why would the CBI/IRAQ sell the Dinar to Currency Dealers from around the world, knowing or hoping the spectators will buy the currency. If Iraq or whoever the big wigs are out there did not want us in on this so called investment, then why are letting us buy the Dinar. The big wigs know we can buy the currency. If they don't want us to have the currency then stop giving or selling the Dinar to Currency Dealers around the world. My question is, how much is Iraq making off the sell of Dinars around the world?

[4aprofit]

Excerpts from the above article that I posted....

 

 

 

Abdulmajid says that in every 1 billion, 25,000 dinars (((could be counterfeit))), and “(((this could be something normal)))

 

Note: All countries have some of this, but the dinar is so worthless right now and not readily tradeable as per other more convertilble currencies...IMO...it is really not a problem in compariosn to other currencies that can be used worldwide...and more easily...and with much more value...right now!

 

 

 

(((We have great money inspection machines)))

 

Note: Why would they need any machines at all, if it were not to have a value in the future...at least that would be worth protecting...IMO..I bet Haiti's banking and currency system, and/or many other similar countries....are not this protected as per counterfeit controls being in place...and Haiti is at appx. 40 to 1...lol....
 

Edited April 8, 2013 by 4aprofit

[hame55]

May be I say May be this " counterfeit dinar " story is intended to scare away the dinar investor from buying up all the dinar. If some of the dinar investors already scare away easily then give up and sell all their dinars because of this " counterfeit dinar " story, then BOOM the CBI & GOI will suddenly announce the RV without advance notice. Who knows this is what they plan to do.

Don't think so. All the dinar printed are out there - whether they change hands or not doesn't affect the CBI - unless they get back to Iraq and the central bank and they destroy them. So I guess in the beginning they sold dinar to make money from foreign investors, and now they don't want dinar out there? They've been destroying them or vaulting them after auctions?

 

Which is it? We don't even know if they are still supplying d. dealers with new stock...we know very little. Seems to be contradictory - sell dinar early years, then stop selling dinar and contract money supply in later years...LOL

Edited April 8, 2013 by hame55

[zigmeister]

Counterfeit currency is very common in all countries everyday.  Iraq just likes to complain about it.  No counterfeit currency is not what is interesting, what is interesting is the dollar jumped against the dinar.  They have not been able to control it as of yet.  There lies their problem.  The stigma of worthless currency is the dinar's problem.

[rockfl9]

The dinar is not a worthless currency ! A 10K note is equal to $8.60 USD. Not a bad a bad return for passing a piece of paper that cost maybe 10 cents to make (If you don't get caught)...Can change hands many times before passing thru a bank...

[ALBUNDY]

hame55: " We don't even know if they are still supplying d. dealers with new stock " , so that means first they have been destroying them , on the other hand, they have still printed the current dinar bill and supplied to dinar dealers, why would they do that?It is kind of weird.

 

[Bored]

Excerpts from the above article that I posted....

 

 

 

Abdulmajid says that in every 1 billion, 25,000 dinars (((could be counterfeit))), and “(((this could be something normal)))

 

Note: All countries have some of this, but the dinar is so worthless right now and not readily tradeable as per other more convertilble currencies...IMO...it is really not a problem in compariosn to other currencies that can be used worldwide...and more easily...and with much more value...right now!

 

Exactly so why would the GOI have this printed??? PROPAGANDA!!! Better go trade in those dinars to make sure they're real and get some dollars at a hiked up price! DEDINARIZATION folks! Already dedollarized thus the market price went up, now we can get those dinars which will be alot "soon" (hate that word) off the street at a discounted rate! Stealing from the average joe under the guise of benevolence! 

[boomer113189]

Just what I have been thinking about. Why would the CBI/IRAQ sell the Dinar to Currency Dealers from around the world, knowing or hoping the spectators will buy the currency. If Iraq or whoever the big wigs are out there did not want us in on this so called investment, then why are letting us buy the Dinar. The big wigs know we can buy the currency. If they don't want us to have the currency then stop giving or selling the Dinar to Currency Dealers around the world. My question is, how much is Iraq making off the sell of Dinars around the world?

 

Since Iraq has few exports other than oil which is sold in dollars there is little demand for Dinars and they remain in "exotic" status. However the new currency has sparked a multi-million dollar industry in selling dinars to speculators. These so called "money service" companies will sell Dinar to speculators at an inflated price and push the idea that the dinar will "RV" or be revalued to greatly increase the exchange rate against the dollar.

 

there is no shortage of dinars the dealers have them buy the room fulls

Edited April 9, 2013 by boomer113189

[4aprofit]

Here's something to think about...

 

If Iraq wants to just sell us all more dinars...why even mention that there is any counterfiet?...As why would they care if it is...if they just want a quick buck from it with no long term needs for it?

 

If the currency is to continue to be worthless, and/or it's to be discontinued anyway...why worry about countefeit...as it will all be trashed soon anyway huh?

 

If the currency is so worthless..and is to be tanked...at least as per a value anywhere higher than now..why all the deliberating, voting, parliamentiary procedures, the issue's with the zero's, etc., etc., etc...when they could have trashed this stuff and moved on with more important issues in their governemt..as they have probably spent as much or more than it cost to print and distribute it..than what all the haggling over it has cost them!..Why?..

 

If the currency is so worthless...and will continue to be forever...why would countries be allowed to hold it, or buy it, and/or distribute it...even through their banks...if it is just a scam...well then, the U.S.Govt., the U.S. Treasury, the Federal Reserve, the Iraqi Govt and the CBI..all know full well we all hold it...so, with that said, are all these entities just playing a game with this stuff and us...or could there be a plan?

 

If the currency is a scam, and never is meant to do anything as some depict...dont the above entities know that they could have stopped the flow of this currency at anytime....for the past appx. 10 years?...Why not?...They can now if they wish to!....But they dont!...Go figure?...lol...

[boomer113189]

Here's something to think about...

 

If Iraq wants to just sell us all more dinars...why even mention that there is any counterfiet?...As why would they care if it is...if they just want a quick buck from it with no long term needs for it?

 

If the currency is to continue to be worthless, and/or it's to be discontinued anyway...why worry about countefeit...as it will all be trashed soon anyway huh?

 

If the currency is so worthless..and is to be tanked...at least as per a value anywhere higher than now..why all the deliberating, voting, parliamentiary procedures, the issue's with the zero's, etc., etc., etc...when they could have trashed this stuff and moved on with more important issues in their governemt..as they have probably spent as much or more than it cost to print and distribute it..than what all the haggling over it has cost them!..Why?..

 

If the currency is so worthless...and will continue to be forever...why would countries be allowed to hold it, or buy it, and/or distribute it...even through their banks...if it is just a scam...well then, the U.S.Govt., the U.S. Treasury, the Federal Reserve, the Iraqi Govt and the CBI..all know full well we all hold it...so, with that said, are all these entities just playing a game with this stuff and us...or could there be a plan?

 

If the currency is a scam, and never is meant to do anything as some depict...dont the above entities know that they could have stopped the flow of this currency at anytime....for the past appx. 10 years?...Why not?...They can now if they wish to!....But they dont!...Go figure?...lol...

ask all the other countries that have sold there currency like iraq has

[4aprofit]

Its a new day...and a new era...Iraq will be the monetary hub of the entire world...ever heard of God...or the Bible?...

Go and try to figure on what will become of their monetary system...and not just the currency!...

[boomer113189]

whats does the bible and god have to do with the dinar or iraq ? Nothing

[ALBUNDY]

4aprofit: " If the currency is to continue to be worthless, and/or it's to be discontinued anyway...why worry about countefeit...as it will all be trashed soon anyway huh? " , I agree with you and it makes sense..