yota691 Posted January 1, 2018 Report Share Posted January 1, 2018 31-12-2017 12:58 PM 200 currency exchange network threatens the Iraqi markets Iraqi markets have witnessed an unprecedented spread of counterfeit currency, with weak government control of traded currencies, leading to heavy losses for traders . According to a security official in the Interior Ministry of the "New Arab", at least 200 currency counterfeiting networks are active in different parts of Iraq and vary in their ability to counterfeit in terms of quantity produced, but often specialize in counterfeiting the currency of twenty five thousand dinars Thousand dinars . The security official, who declined to be named, said that the quantities of counterfeit currency currently in the market decreased but still constitute a danger, which distrusted the dinar, as most traders require dealing in dollars instead of local currency, estimating the counterfeit amount that was destroyed by more than 250 Million dinars (the dollar = about 1250 dinars) in a year and a half . According to data from the Central Bank of Iraq, the cash mass circulating in the Iraqi market is between 35 and 40 trillion dinars . The security services announced, during the recent period, the arrest of networks of currency counterfeiting and the confiscation of presses of their own, the most recent mid-month in Basra. Interior ministry officials say the networks import equipment from Iran, usually medium-sized presses with aluminum alloys used in currency copies, with special inks and special paper smuggled through smuggling networks operating across the border . Hardly a day goes by for any Iraqi shopkeeper but finds among his cash at least one forged piece of paper, with little oversight, according to traders . Hassan Omran, the owner of a wholesale clothing store in the Shorja commercial market in the center of Baghdad, confirms to the "new Arab" that he discovers daily entry of at least 250 thousand Iraqi dinars (equivalent to 200 dollars) of counterfeit currency to its revenues without To know, explaining that the discovery of the existence of counterfeit currency under his working conditions is very difficult, because of dealing with large sums of money . "We are dealing in bulk and selling large quantities, and the lowest amount we receive is five million dinars (equivalent to 3,200 US dollars)," Omran said, referring to the receipt of these amounts matrices. "We are transferring these amounts to exchange companies in order to convert them into dollars, so we discover that we have fallen victim to the counterfeit currency," he said, noting that he was destroying what was under his hands of counterfeit money so as not to reach the poor . But the low-income people say they have not been extradited from the crimes of counterfeiters. A porter in a beautiful market in eastern Baghdad says Ali Jihad said that last week he was subjected to such an operation when he transferred goods worth 25,000 dinars ($ 20) In the evening when going to buy medicine from a pharmacy that the amount of one red card was a fake, saying to the "new Arab" that a number of workers in his profession are exposed almost daily to such situations . "Money-making gangs are becoming known in our regions," says Ali al-Hitimi, a banker in al-Amin district in Baghdad, Ali Hatimi. "They have modern machines for counterfeiting from Iran . Hatimi points out that mafia cheats correspond to a number of unemployed youth in order to promote the amounts they have, by giving them half of the amounts they run, pointing out that no one can talk to them or prevent them because they carry arms . He continued: "The Mizoru currency sold each million dinars ($ 800 equivalent) for the amount of 100 thousand Iraqi dinars," explaining that some of the weak souls deal with them . Al-Hitimi stressed the need for intervention by the Iraqi authorities to prevent the entry of Iranian counterfeiting tools that have drained the funds of Iraqis, and to account for the mafia fraud that has spread clearly in the recent period in areas east of Baghdad . In the context of the weakness of the security role and under the weight of the losses of traders to exacerbate the fraud, some of them rushed to rely on counterfeit currency detectors of Chinese origin, in order to reduce the losses incurred by this phenomenon . The "currency device", as traders call it, is a square box that is open from two sides and has a blue light that allows you to see the watermark or hidden line inside the coin . 1 6 Quote Link to comment Share on other sites More sharing options...
jeepguy Posted January 1, 2018 Report Share Posted January 1, 2018 18 minutes ago, yota691 said: The "currency device", as traders call it, is a square box that is open from two sides and has a blue light that allows you to see the watermark or hidden line inside the coin . MMMMMMMM something is a miss here doctor Watson " I think they need a black light " not some Chinese fancy thang ..... 20 minutes ago, yota691 said: he discovers daily entry of at least 250 thousand Iraqi dinars (equivalent to 200 dollars) of counterfeit currency that is = to 1 note , so my investigative instincts tell me " there is a boy about the age of 16 to 18 with dad`s printer ", making just enough to put food on the table , or , bottle of wine for himself ! ( if this is all they are seeing , think counterfeiting is way down ) 3 Quote Link to comment Share on other sites More sharing options...
skeetdog Posted January 1, 2018 Report Share Posted January 1, 2018 Thanks Yota...These older notes mentioned have severed their purpose as well as lived their expected longevity...The new polymer-notes that were stated to be reprinted in the 1K, 500 and 250 dinar are all polymer-notes...and there were 'additional' expense entries listed for expense to print dinars in an 'undescribed' denomination (this could've been the printing of the LD)....This article seems to acknowledge that there is a money laundering problem and that the 'Blacklight' detection device is being justified as an expense to protect Iraq's new currency...by using the security strips and cutting-edge technology detection devices implemented in the design of the newer polymer-notes...It wouldn't be a surprise if it were later discovered that the same people that designed the 'Blacklight' detection device were the same company that was providing the counterfeiting printing presses that created the need for these new ''Blacklight' detection machines that will be an asset in ''every'' retail shop on every corner of every street in every town and village...Hey, this might be a future leading stock option on the ISX that has potential for short term rapid growth... 4 Quote Link to comment Share on other sites More sharing options...
dinarham Posted January 1, 2018 Report Share Posted January 1, 2018 WHY GO TO THE EXPENSE AND RISK OF COUNTERFEITING THIS FINE CURRENCY ,WITH IT'S GOLD THREADS ,OXBLOOD ,ANAGRAMS ,ETC WHEN YOU CAN BUY THE REAL DEAL FOR NEXT TO NOTHING 4 3 Quote Link to comment Share on other sites More sharing options...
Boozer Posted January 1, 2018 Report Share Posted January 1, 2018 4 hours ago, jeepguy said: MMMMMMMM something is a miss here doctor Watson " I think they need a black light " not some Chinese fancy thang ..... that is = to 1 note , so my investigative instincts tell me " there is a boy about the age of 16 to 18 with dad`s printer ", making just enough to put food on the table , or , bottle of wine for himself ! ( if this is all they are seeing , think counterfeiting is way down ) I guess I must be hung over from my News Drunk, and was wanting to know where I can get me one of them there Fancy Chinese Thongs, then as my eyes focused I see Thang, Happy New Years to you all. 3 2 Quote Link to comment Share on other sites More sharing options...
skeetdog Posted January 1, 2018 Report Share Posted January 1, 2018 1 hour ago, dinarham said: WHY GO TO THE EXPENSE AND RISK OF COUNTERFEITING THIS FINE CURRENCY ,WITH IT'S GOLD THREADS ,OXBLOOD ,ANAGRAMS ,ETC WHEN YOU CAN BUY THE REAL DEAL FOR NEXT TO NOTHING ....Even if these printing presses weren't that expensive...at the present rate it would take a lot of printing to produce a steady profit...This basically opens up the market for the cutting-edge polymer-notes and the new black-light detection devices designed to function in daily domestic activities...Kind of makes you wonder 'why' all this 'sudden' interest in counterfeiting when things are suppose to be going digital... 1 2 Quote Link to comment Share on other sites More sharing options...
Mxmann Posted January 1, 2018 Report Share Posted January 1, 2018 19 minutes ago, skeetdog said: ....Even if these printing presses weren't that expensive...at the present rate it would take a lot of printing to produce a steady profit...This basically opens up the market for the cutting-edge polymer-notes and the new black-light detection devices designed to function in daily domestic activities...Kind of makes you wonder 'why' all this 'sudden' interest in counterfeiting when things are suppose to be going digital... Veeeerrrry true!! And why wud u worry soooo much about counterfeiting of worthless money??? Orrrrr they know its not wothless in the very near future, like maybe Jan 2nd??? 6 Quote Link to comment Share on other sites More sharing options...
Floridian Posted January 1, 2018 Report Share Posted January 1, 2018 Or.....they are scaring the people regarding counterfeit cash, so that they will use digital cash instead. 5 Quote Link to comment Share on other sites More sharing options...
endeavor1 Posted January 1, 2018 Report Share Posted January 1, 2018 Ya gotta remember, if the top dogs in the country are dumbasses, the lowest of the lowest are dumber than Dumb and Dumber....so, their actions prove it.... Quote Link to comment Share on other sites More sharing options...
Laid Back Posted January 1, 2018 Report Share Posted January 1, 2018 The CBI knows about this problem for long time.... Why they haven't done anything about it? Maybe is because they have the technology ( Delarue machine) to detect the counterfeit notes. Maybe is because the CBI is planning to replace the old notes for new lower denomination notes. They will have the do something about it sooner than later. The wait continue. 1 2 Quote Link to comment Share on other sites More sharing options...
ChuckFinley Posted January 1, 2018 Report Share Posted January 1, 2018 1 hour ago, Laid Back said: The CBI knows about this problem for long time.... Why they haven't done anything about it? Maybe is because they have the technology ( Delarue machine) to detect the counterfeit notes. Maybe is because the CBI is planning to replace the old notes for new lower denomination notes. They will have the do something about it sooner than later. The wait continue. A new year my friend, 2018 at 1 to 1. 1 4 Quote Link to comment Share on other sites More sharing options...
Theseus Posted January 2, 2018 Report Share Posted January 2, 2018 On 1/1/2018 at 6:14 AM, jeepguy said: MMMMMMMM something is a miss here doctor Watson " I think they need a black light " not some Chinese fancy thang ..... that is = to 1 note , so my investigative instincts tell me " there is a boy about the age of 16 to 18 with dad`s printer ", making just enough to put food on the table , or , bottle of wine for himself ! ( if this is all they are seeing , think counterfeiting is way down ) "Black lights" (as they are called) actually appear blue in color. So it is not beyond the realm of possibilities he is calling for a black light when he is describing it as blue. Some even appear purple. Quote Link to comment Share on other sites More sharing options...
dinarham Posted January 3, 2018 Report Share Posted January 3, 2018 THE 25K NOTE IS QUITE IMPRESSIVE UNDER BLACK LIGHT . OF COARSE WE KNOW THAT THE US PAID FOR THIS CURRENCY IN SWITZERLAND BY DELARUE . i CONSIDER THIS ONE OF THE SMART THINGS THAT USA DID ,MAKING THESE NOTES "UNCOUNTERFEITABLE'' . THIS IS ESPECIALLY TRUE FOR THE HIGH NOTES . 1 Quote Link to comment Share on other sites More sharing options...
jeepguy Posted January 3, 2018 Report Share Posted January 3, 2018 What it seems to say is " we are so covered up with counterfeit money , we can't possibly do it right now ! ". More reason to postpone .. I give them 1st quarter of the year Then decide later ... ( Most likely straddle my cycle and have fun ) Quote Link to comment Share on other sites More sharing options...
jeepguy Posted January 3, 2018 Report Share Posted January 3, 2018 And on another thought , if they are going to stall , I think we all should rally togeather and cheer " hell yeah , keep Iraqi people poor " keep the dollar strong 😎. The new motto ! If the news is stagnant , or postponement news , the cheer should rise ... Quote Link to comment Share on other sites More sharing options...
Laid Back Posted January 3, 2018 Report Share Posted January 3, 2018 On January 1, 2018 at 12:16 PM, ChuckFinley said: A new year my friend, 2018 at 1 to 1. A new year my friend Go 2018 Go $1:1 1 Quote Link to comment Share on other sites More sharing options...
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