Minimize the importance of reports on the fraud of the currency in Iraq

[carlablum]

Minimize the importance of reports on the fraud of the currency in Iraq

19.12.2011Ghassan Ali

Iraqi Central Bank reduced the significance of the reports indicated the prevalence of counterfeiting in Iraq, whether local or foreign ones.

The bank adviser said the appearance of Mohammed Saleh, said that those reports were exaggerated, and untrue to the existence of significant fraud in Iraq, adding that the rates of counterfeiting in the country is very small, have not changed since the founding of the Central Bank so far.

Press reports had spoken of turning Iraq into a center for counterfeiting of currency in the region after the spread of gangs specialized in forging local and foreign currencies in various Iraqi cities, as quoted by the reports from economists Iraqis saying that there are foreign countries have old conflicts with Iraq contributing to the making or passing counterfeit currency into the country in order to sabotage the Iraqi economy.

Indicates the benefit in an interview with Radio Free Iraq that fraud is divided into three sections, the first undertaken by persons individually, and the second is run by some traders, and the latter played by some intelligence States, the most serious types of fraud, asserting that what is currently in Iraq is fraud-commercial use only.

And confirms the central bank adviser and international coordination with Iraq to combat counterfeiting, pointing to the security agencies recently managed to arrest many of the fraud rings.

The expected benefit of the reduction of fraud in Iraq during the coming period, especially after the initiation of the process of changing the Iraqi currency and printed a new currency of high technical specifications very difficult to forge.

http://translate.goo...n&hl=en&ie=UTF8

[semichdave]

Dear Lord... could they possibly try any harder to make their currency worth toilet paper? What's next... most of the dinar that made its way to the US is FAKE? I guess I would be lying if I said I would not be surprised. These folks are unreal.

[uncirculd]

That is an interesting article. Toliet paper . Don't use it yet. This does sound like more paranoia and the CBI is doing damage control.

Cracks me up. You got the CBI trying to calm folks, and you got guru's saying they are resolving issues why we didn't have RV. I am just beside myself at the stuff coming out of here and there.

Edited December 19, 2011 by uncirculd

[onerighthand]

Well that might slow investors from buying currency and maybe part of their plan to get ready to RV baby!

Tis the season!

[Snatcher]

Dear Lord... could they possibly try any harder to make their currency worth toilet paper? What's next... most of the dinar that made its way to the US is FAKE? I guess I would be lying if I said I would not be surprised. These folks are unreal.

Why so upset...They are saying that the earlier reports by the press about counterfeiting, was greatly exaggerated and not true. It has not changed since the founding of the Central Bank... This is Great News!

Edited December 19, 2011 by Snatcher

[DinarDana]

Why so upset...They are saying that the earlier reports by the press about counterfeiting, was greatly exaggerated and not true. It has not changed since the founding of the Central Bank... This is Great News!

Yes it is and I knew that the original news reports were boloney. I know how money is made, it is too expensive to counterfeit these bills with all the security features, most of this technology is heavily guarded. Unless they used a color printer and stuffed bills between others, I can't imagine pallets of counterfeit money being made and sold outright. This is an exaggeration as explained in the article.

[Carrello]

Yes it is and I knew that the original news reports were boloney. I know how money is made, it is too expensive to counterfeit these bills with all the security features, most of this technology is heavily guarded. Unless they used a color printer and stuffed bills between others, I can't imagine pallets of counterfeit money being made and sold outright. This is an exaggeration as explained in the article.

Dana, as a side note regarding printing, do you think that the 10 De LaRue machines recently purchased for 15 million, are capable of printing IQD with all of the security features?

Thanks.

[DinarDana]

Dana, as a side note regarding printing, do you think that the 10 De LaRue machines recently purchased for 15 million, are capable of printing IQD with all of the security features?

Thanks.

Absolutely not, those are sorting and counting machines. De LaRue will not sell their printing technology, especially to a country under sanctions. The company I work for has in the past competed with De LaRue for contracts to print National ID's. Iraq is not ready for this, the technology is in the billions and requires scientists with PHD's. Surprisingly, the software technology was created in Turkey. (I find that ironic).

One of my work friends has foreign currency all over her cube walls - There is even IQD pinned to the wall. I asked her if she had purchased some, she gave me that all knowing wink, like the bank tellers.

Oh, oh and I have a REAL bank story too, but I am keeping it to myself.

[Elixirbaby]

Oh, oh and I have a REAL bank story too, but I am keeping it to myself.

Awwwwwwwwwwe come on. Cant leave us hanging like that. Pretty please.

Go RV

[OregonHopeful]

Enquiring minds want to know...

[DinarDana]

Only if you can answer one thing first and after you help me find the answer then I will reveal. Ok so here is my question. If you open a Warka Account how do you get your money into the account? Direct deposit or wire transfer? I will check in tomorrow for the answer because I need to get some sleep.

Never mind I found the answer ~wire transfer - My banker friend who is a VP said they are not allowed to wire transfer to Iraq. I said really, but people do it. Is this just your bank rule? She said no it is on the screen. (I have to look at a bankers screen, seems a lot is said on those screens). I said to her well you better double check, because I think you can. Sorry, not much here. But I had to do it, buried in a post is better than a whole topic. Have a great night and don't forget to +me.

[Elixirbaby]

Only if you can answer one thing first and after you help me find the answer then I will reveal. Ok so here is my question. If you open a Warka Account how do you get your money into the account? Direct deposit or wire transfer? I will check in tomorrow for the answer because I need to get some sleep.

Wire transfer.

[DinarDana]

Wire transfer.

Thank you! LOOK UP there, I edited my post.

[onerighthand]

Thank you! LOOK UP there, I edited my post.

A wire to a specific citibank account in new york.

[k98nights]

Reducing the importance of reports of forgery of currency in Iraq

19.12.2011

Ghassan on

The Iraqi central bank played down the importance of reports indicating the spread of the phenomenon of counterfeit currency in Iraq, whether foreign ones or at home.

The advisor said the appearance of Muhammad Saleh that those reports are exaggerated, ولاصحة the presence of big Forgery operations in Iraq, adding that counterfeit currency rates very low in the country, has not changed since the founding of the central bank up till now.

Press reports had talked about Iraq has turned into a center for forging currencies in the region after the gangs specializing in forging local and foreign currencies in different Iraqi cities, according to those reports on Iraqi economic experts as saying that there are foreign countries of old conflicts with Iraq to contribute in the manufacture or passing the counterfeit currency into the country in order to sabotage the Iraqi economy.

Saleh, in an interview with Radio Free Iraq that Forgery operations are divided into three sections, the first undertaken by persons in private, and the second is on the part of some traders, and the latter played by some intelligence of states, the most dangerous kinds of fraud, confirming that what is currently in Iraq is trade fraud only.

The central bank adviser confirms the existence of international coordination with Iraq to combat the counterfeit currency, he pointed out that the security services managed recently to arrest many gangs fraud.

Saleh is expected to lower Forgery operations in Iraq during the coming period, especially, after the beginning of a process of change the Iraqi currency, and a new currency, high technical specifications are too flawed.

http://www.iraqhurr.org/content/article/24426870.html

[Elixirbaby]

Thank you! LOOK UP there, I edited my post.

TY. Interesting . Its my understanding that's how you fund your warka or iSX account.

Go RV

[jg1]

Absolutely not, those are sorting and counting machines. De LaRue will not sell their printing technology, especially to a country under sanctions. The company I work for has in the past competed with De LaRue for contracts to print National ID's. Iraq is not ready for this, the technology is in the billions and requires scientists with PHD's. Surprisingly, the software technology was created in Turkey. (I find that ironic).

One of my work friends has foreign currency all over her cube walls - There is even IQD pinned to the wall. I asked her if she had purchased some, she gave me that all knowing wink, like the bank tellers.

Oh, oh and I have a REAL bank story too, but I am keeping it to myself.

She had better get ready to take down that iraq currency off the wall. Thats like having at least 25,000 dollars on the wall. Some say up to 100,000.

[Carrello]

Absolutely not, those are sorting and counting machines. De LaRue will not sell their printing technology, especially to a country under sanctions. The company I work for has in the past competed with De LaRue for contracts to print National ID's. Iraq is not ready for this, the technology is in the billions and requires scientists with PHD's. Surprisingly, the software technology was created in Turkey. (I find that ironic).

One of my work friends has foreign currency all over her cube walls - There is even IQD pinned to the wall. I asked her if she had purchased some, she gave me that all knowing wink, like the bank tellers.

Oh, oh and I have a REAL bank story too, but I am keeping it to myself.

Thanks Dana. Not only is your answer interesting, it is nice to know your background. It explains much of your thoughts and knowledge. Now, that's intel that is interesting.

I had a really hard time believing that Iraqis were going to be printing their own currency in country at 15 locations, and that sophisticated technology would cost $1.5 per machine... It is beyond a bad script. Can you imagine? Well, no, you couldn't.

Thank you for the information, and maybe we will hear your bank story someday.

[Carrello]

Only if you can answer one thing first and after you help me find the answer then I will reveal. Ok so here is my question. If you open a Warka Account how do you get your money into the account? Direct deposit or wire transfer? I will check in tomorrow for the answer because I need to get some sleep.

Never mind I found the answer ~wire transfer - My banker friend who is a VP said they are not allowed to wire transfer to Iraq. I said really, but people do it. Is this just your bank rule? She said no it is on the screen. (I have to look at a bankers screen, seems a lot is said on those screens). I said to her well you better double check, because I think you can. Sorry, not much here. But I had to do it, buried in a post is better than a whole topic. Have a great night and don't forget to +me.

Okay, I got in my + in for you.

I just got an email from Mr. Issa's office yesterday regarding the funding of your Warka account. My account has been opened, and I have the account numbers for both accounts. I have been instructed to wire funds to a Warka bank in Germany. If you want the info, I would be happy to post it.

Wire the $150 to start your dollar account, and also wire dollars into your dollar account to cover your IQD savings account. Then transfer the dollars from your dollar account into the IQD savings account to cover the 300,000 IQD minimum required ($258.). You can't wire IQD, so this is the only way I can see how to do it. Anybody else have any ideas on this? Warka is not clear on how to fund the savings account. If I am correct, you would need to additionally fun your dollar account with $258 plus the $150, $408. to be wired.

You need an E account to that you can transfer funds easily.

I know you said you found the answer - wire transfer - but I thought this info might help some that have problems with Warka.

Okay, now about that bank story..........

Edited December 20, 2011 by Carrello

[LittleMissAsh]

The expected benefit of the reduction of fraud in Iraq during the coming period, especially after the initiation of the process of changing the Iraqi currency and printed a new currency of high technical specifications very difficult to forge.

THis last sentence is strange, the "coming period," being future and "printed a new currency of high technical specifications," past tense. I have my own theory, but am a newbie and would love to give more experience and wisdom a go at this before I give an opinion.

Also just to throw something out there I watched a newscast from Iraq and found that TURKEY is most invested in Iraq especially in Energy. US comes in fifth I will search for the cast and post in a bit.

[Stryker365]

I like this quote a lot!!!!!

Saleh is expected to lower Forgery operations in Iraq during the coming period, especially, after the beginning of a process of change the Iraqi currency, and a new currency, high technical specifications are too flawed.

lower Forgery operations ......Dana you are mostlikely right about these machines, I was thinking printing myself, glad to be wrong.

Iraq during the coming period.......January 1st is the coming period and their Fiscal Year

especially, after the beginning of a process of change the Iraqi currency, and a new currency...could it be they are ready to start?

high technical specifications .............1.5 million per machine makes since to me now, what was I thinking,LOL

[unirod]

Okay, I got in my + in for you.

I just got an email from Mr. Issa's office yesterday regarding the funding of your Warka account. My account has been opened, and I have the account numbers for both accounts. I have been instructed to wire funds to a Warka bank in Germany. If you want the info, I would be happy to post it.

Wire the $150 to start your dollar account, and also wire dollars into your dollar account to cover your IQD savings account. Then transfer the dollars from your dollar account into the IQD savings account to cover the 300,000 IQD minimum required ($258.). You can't wire IQD, so this is the only way I can see how to do it. Anybody else have any ideas on this? Warka is not clear on how to fund the savings account. If I am correct, you would need to additionally fun your dollar account with $258 plus the $150, $408. to be wired.

You need an E account to that you can transfer funds easily.

I know you said you found the answer - wire transfer - but I thought this info might help some that have problems with Warka.

Okay, now about that bank story..........

In addition,

You must send a letter attachment authorizing the E-Banking after you fund your account. This will cost 15,000 IQD annually and they will debit your account. Do this asap because they may drag their feet a bit.

[Darin]

Absolutely not, those are sorting and counting machines. De LaRue will not sell their printing technology, especially to a country under sanctions. The company I work for has in the past competed with De LaRue for contracts to print National ID's. Iraq is not ready for this, the technology is in the billions and requires scientists with PHD's. Surprisingly, the software technology was created in Turkey. (I find that ironic).

One of my work friends has foreign currency all over her cube walls - There is even IQD pinned to the wall. I asked her if she had purchased some, she gave me that all knowing wink, like the bank tellers.

Oh, oh and I have a REAL bank story too, but I am keeping it to myself.

Interesting... I have always wondered why they would promote such great security for their current bills only to continue to mention how they have counterfeit issues.

Seems rather odd & pushing the level of pointless.

Like in 2004, here is a new currency w/ great security features & oh, btw, we will be exchanging it again in 7 years for new re-denominated currency either because of A..) Removing the zeros or B..) Security issues.

Contradictions...... Lots of contradictions

Why would the CBI continue to print notes if they knew they were going to R/D, right? Seems like a shooting yourself in a foot expression right there. (They're basically creating more work for themselves)

Now, I don't think they have a counterfeit issue, however, I do believe they sort of do with the 10,000 notes. Ironically, I own at least one note of every IQD available with the exception of coins & 10k notes.

But, the 10k notes were green and maybe easier to counterfeit.

My next concern is why everyone thinks the De La Rue machines were $15 million... That 15 million was likely in terms of IQD, so in reality they were likely more like $12,800... Still seems rather spendy per machine, but, if its catching fradulent bills, I can see the point. Probably not your standard bill counter.

We all love a good bank story, but, we should realize that the big wigs running the show are like players in a poker tournament.. They got their hands & they're holding them close to their chest. What we're doing is speculating which each player is holding..

[Bongalow]

http://www.iraq-businessnews.com/category/banking-finance/

Caught 2 frauds with weapons!

[DinarDana]

Thanks Dana. Not only is your answer interesting, it is nice to know your background. It explains much of your thoughts and knowledge. Now, that's intel that is interesting.

I had a really hard time believing that Iraqis were going to be printing their own currency in country at 15 locations, and that sophisticated technology would cost $1.5 per machine... It is beyond a bad script. Can you imagine? Well, no, you couldn't.

Thank you for the information, and maybe we will hear your bank story someday.

Regarding the 15 locations - I read some time back that Iraq is going to follow Sweden's Cash management policies. Here is a link to this information. Sweden does not use banks for exchange, so do you suppose there will be 15 locations outside of the banks to exchange? 15 depots???

The Riksbank does not determine how much cash is in circulation; instead this is determined by demand from the general public.

<br style="font-family: verdana, arial, helvetica, sans-serif; line-height: 18px; text-align: left; ">

Swedish cash management has undergone major change in recent years. The new structure for cash management entered into full force in 2007. The banks and the bank depot companies are thus able to trade cash without the involvement of the Riksbank. Should a depot have a deficit of banknotes it is able to purchase notes from another depot that has a surplus. In this way there is now a market for trading in cash. The Riksbank’s role in this chain is solely to supply cash and to destroy banknotes and coins that can no longer be used. Three times a year the Riksbank will also accept any cash surplus. At present (January 2011) there are 12 bank-owned cash depots in operation.

Never mind I found the answer ~wire transfer - My banker friend who is a VP said they are not allowed to wire transfer to Iraq. I said really, but people do it. Is this just your bank rule? She said no it is on the screen. (I have to look at a bankers screen, seems a lot is said on those screens). I said to her well you better double check, because I think you can. Sorry, not much here.

But I had to do it, buried in a post is better than a whole topic. Have a great night and don't forget to +me.

Read more: http://dinarvets.com/forums/index.php?/topic/96112-minimize-the-importance-of-reports-on-the-fraud-of-the-currency-in-iraq/#ixzz1h6cJPlnY

Ok, I guess my banker friend was correct in the information she shared with me. We cannot directly fund our accounts through a US bank as she stated because you are saying you have to wire your money to Germany. Now this is great information in a way, because this is a gage to know whether sanctions are lifted. The fact that we cannot directly fund accounts relates to an article posted earlier this past week where the report spoke of global financial investments, remember they jumped the gun and started saying they were lifted from sanctions and said they could now do business on a global scale. I will look for the article later and post it.

I am a consultant I work in many different industries, so I have all kinds of random knowledge. A long time friend says I have a head full of useless information, I however disagree.