Battle against counterfeit gangs before change in currency
DUHOK, April 9 (AKnews): Neighboring countries are attempting to introduce large amounts of counterfeit Iraqi currency to the country before the deletion of three zeroes from the Iraqi dinar.
Komaki haiti, Para, MoneyThe Iraqi Council of Representatives' Economic and Investment Committee chairman, Mahma Khalil revealed the information to AKnews on Sunday, adding that the Iraqi Central Bank (ICB) has taken all measures and precautions to thwart the scheme.
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Khalil, MP in the Kurdish blocs Coalition (KBC) added, "There are schemes that aim to create a kind of confusion in the local markets and affect the Iraqi state's project to delete the three zeroes from the Iraqi dinar.
"The Information leak comes within the media and economic war against Iraq.
"A bright future is waiting the Iraqi dinar."
A report from the Global Center for Development Studies in London last week warned "the process of deleting the zeros of the Iraqi dinar may lead to a state of chaos in the national economy, especially amid difficult and complex security and political conditions."
The center said that "Iraq is currently suffering from counterfeiting gangs working day and night to print the fake dinars and then replace it in what would be the biggest fraud in the world.
"The money supply found in the Iraqi markets is estimated at 30 trillion dinars and will increase significantly during the period of switching to the new currency because fraud gangs have spread in most Iraqi cities."
The report explained that "part of these gangs are working in the neighboring countries of Iraq and are introducing counterfeit currency via smugglers, official commercial ways or by exchanging them with dollar."
"The size of the cash reserve that Iraq had lost in just one month this year reach to $ 2 billion, which led to a clear and significant decline in the value of Iraqi dinar, which reached to the borders of 1250 dinars for one dollar after it was 1120 in 2011."