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Expert: improvisational statements and non-professional about counterfeiting confuse the banking business


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03/29/2014 15:00
Expert: improvisational statements and non-professional about counterfeiting confuse the banking business

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

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BAGHDAD / obelisk criticized an economist, statements of Iraqi political, and media, and even the economic over the issue of fraud and counterfeiting Iraqi currency, according to the personal efforts do not take into account, information, instructions and views of the person concerned in the case and the competent authority, which the CBI.

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."

She was a member of the Committee on the economy and investing in the House of Representatives Nora Salem, accused the middle of last month, political parties unnamed "rigging the currency, and pumped into the market in order to breach the Iraqi economy," adding that "the Iraqi currency counterfeit printed in neighboring countries."

But Salem did not reveal the identity of these countries, did not provide evidence of her words.

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.

The Iraqi dinar is the official currency of Iraq and issued by the Central Bank of Iraq. Dinar is divided into a thousand fils, but the high inflation rates in the late twentieth century caused the abandonment of metal coins that were minted in fils where it became out of circulation.  :eyebrows: 

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 start of the death of counterfeiting in Iraqi law in prison and up to the penalty.

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This issue seeems really insignifigant in comparison to what most countries have to deal with as per counterfietting....as 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 place...like in banks..the risk was rarely an issue.......(we have heard that the outback areas or borders, etc....is 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" notes...as 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 news....to keep speculation at bay so to speak...as IMO...the counterfiet issue as per this secure of a currency...and with this little of value...is 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 substantially...by protecing their borders as we have seen...by 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 dinar...so as to combat these issues more readily and easily...due to public awareness locally and abroad...as this would be an excellent strategy if you knew your currency would soon rise...but we will see...
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