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Experts scoff at the report of the island about the size of "falsification of the Iraqi currency," and the risk to the economy!

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CNN. Broadcasting While Becoming An Expert At Scoffing !




28/03/2014 19:43

Experts scoff at the report of the island about the size of "falsification of the Iraqi currency," and the risk to the economy
Al Jazeera report says that the money supply of 500 million counterfeit Iraqi dinars!!! They threaten the Iraqi economy 


BAGHDAD / obelisk: mocked economists of the report published by Al-Jazeera claims that "the risk of counterfeiting" is threatening the Iraqi economy, and says that the money supply of counterfeit currency amounted to 500 million Iraqi dinars!!, And experts said the figure "fiddling" and poses no little value for the economy of Iraq and the Iraqi budget, estimated Petrallonat dinars, and agreed that the objective of these reports and the Nile stirring fears of the local currency, which has the characteristics of immune represented in the quality of paper and labels with strong security and unmanageable fraud.

Al-Jazeera says that 500 million Iraqi dinars forged threaten the Iraqi economy

The site (Alice) publication of a report in which he said that "the Iraqi economists saw the decline of the security and the absence of political stability in the country of the most important factors in the spread of the phenomenon of rigging the local currency, noting that it threatens the economy of Iraq, asserting that the volume of counterfeit currency that are currently on the market do not exceed five hundred million dinars (429 thousand dollars), and that there is a need to activate the regulatory effort and intelligence to eradicate this phenomenon. "

But an economist criticized these reports and statements on the issue of fraud and counterfeiting Iraqi currency, and said it comes in accordance with the personal efforts do not take into account, information, instructions and views of the person concerned in the case and the competent authority, the Central Bank of Iraq.

He added the expert who preferred anonymity, said in an interview for "obelisk", "The statements improvised, and non-scientific, seeks to throw a stone here, a stone there, ending stirring up public fears of the existence of banknotes fakes in circulation."

The expert emphasized the need to "share and share everyone's opinion, and responsibility to self-confidence of the Iraqi paper cash and pursue all means to protect and safeguard the rights and interests of the holders."

This is because expert cash in his speech for the "obelisk" that, to the intrinsic properties of banknotes Iraq of quality paper and labels with strong security and bacillus, experience and awareness, which is owned by workers in the Iraqi banking system and the large role played by workers in the bank, and the evolution of the means of detecting fraud at the device banking, and the central bank, in addition to the awareness of the public. "

Possession and led the CBI to sophisticated devices to detect fraud, to thwart fraud of the local currency and disclosed before they escalate.

The economist said Bassem Jamil Anton, "although he does not have a country in the world today are no where counterfeit currency, but the proportion of counterfeit currency in Iraq is barely remember and does not pose a threat definitely on the Iraqi economy."

He added, for "obelisk" and that he personally did not by virtue of his economic notes, "So far, a single currency and forged on the banks hesitant to Aeshkon of it."

And between economic expert Majid picture that "There are no statistics on counterfeit currency and can not know, but to change the currency, however can not be fully counted."

He added, for "obelisk", "The size of the fraud in Iraq so far is very limited and can not affect any significant impact for the economic situation in Iraq."

He continued, saying that "up to the central bank of this information is very little information in addition to the fight against economic crime is that this process will have been discovered some simple cases in the areas of Baghdad and has not unmanageable."

He said: "I think the size of the fraud in Iraq almost non-existent so it does not have any effect on the Iraqi economy."

And mocked Altqriralve published by Al Jazeera, saying that "this amount is five hundred million is the amount of" fiddling "can not affect the Iraqi economy because the final amount of money in circulation in Iraq is more than 30 trillion Iraqi dinars."

He said, "These reports are presented propaganda rather than substantive in terms of market size and the amounts claimed by them."

The views used to launch remarks, considered the CBI inaccurate and incorrect, and collide with accurate information to the financial reference, the Iraqi Central Bank.

And hit the banknotes in many countries of the world to the practices of counterfeiting and forgery, and the amount of each success degree and the other, but the Monetary experts point out that the banknote Iraq, despite its exposure to such attempts, was the least damage as a result of these attempts, compared to other countries that have been to such referred for.

Deputy of the mass united stated of the island, saying: "the size of very large amounts of counterfeit"

A report by Al Jazeera quoted a member of the Committee on the economy and investment in the Iraqi parliament Nora Salem Albjara that "there are powerful political can not be named, but it is known to all, the rigging of the Iraqi currency, because they are linked to third-party aims to hit the country's economy."

She Albjara, of the island, that counterfeiting is in some countries such as Iran and the Gulf Arab state, unnamed, where there are no printing presses in particular, in addition to that there are some parties are rigging the currency within the country in order to keep the Iraqi economy unchanged without the development and make a country a consumer Commodities, "as she put it.

She explained that "the size of very large amounts of counterfeit!"

But a member of the House of Representatives Economic Committee Salman al-Musawi, in his speech to the island, played down the seriousness of the subject, noting that the volume of counterfeit currency is not frightening figure, and is located within a controlled descent, stressing that all countries in the world where the counterfeiting of currency.

Deputy of the Kurdistan Alliance, said of the island, saying: Forging the Iraqi currency has become commonplace!!!

The alleged member of the Finance Committee in Parliament Najeebeh Najib said the central bank reports that link the "confirm the existence of rigging of the local currency, and that this phenomenon has become common in the country!".

On the other hand, said the relevant legal and banking Shaykhli Abdul Rahman said there were no new signs on the entry of counterfeit currency into the country now, but ordinary people are afraid of the new dollar coin cent!.

He added that it is difficult to falsify the local currency is currently passed on banks and the central bank because of the existence of sophisticated equipment to detect fraud.

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This issue seeems really insignifigant in comparison to what most countries have to deal with as per we know all countries have this delimna...some more than others...a while back Iraq put out a statement that counterfeitting was really very insignifigant...they stated in their news that there were only an estimated appx. 25,000 counterfeit dinar bills per billion dinars...and where the proper detection equipment was available and in in banks..the risk was rarely an issue.......(we have heard that the outback areas or borders, where this counterfeitting trade usually takes place...and from further reports...the bulk of it..if not all of it...was "circulated" notes that were being used...not the new "uncirculated" these worn bills pass easier when bundled with a lot of other bills when making payment transactions...and it is harder to see the fine security details on a worn note versus a crisp clean new bill)...One currency trader said that the quality on the counterfeit bills that they have actually seen...were of such bad quality that you could spot it from standing many feet away...

IMO..I think that they keep throwing this counterfeit issue out there as per making the keep speculation at bay so to IMO...the counterfiet issue as per this secure of a currency...and with this little of not a currency problem...but now if the value ever rises signifigantly...I believe it will become a serious problem...not to mention when it becomes internationally recognized and traded....

I also believe that they are taking steps for when and if the value of the dinar rises protecing their borders as we have all banks becoming more compliant on the international scene as we have seen also here recently....and hypothetically...they could be using these media blitzes to keep awareness levels up and people prepared to be able to handle these issues once a real rate is given to the as to combat these issues more readily and easily...due to public awareness locally and this would be an excellent strategy if you knew your currency would soon rise...but we will see...
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I believe there are da la rue machines and counterfeit detection everywhere. If you have done business on the street or your a counterfeiter . If your in possession of counterfeit currency period at the time of the change in monetary policy ? The banks will say sorry. You have counterfeit currency of no value. Next customer please

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