Economic Committee Member: Deletion of Zeros would reduce spread of counterfeit currency

Posted: December 21, 2013 in Iraqi Dinar/Politics
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Friday, 20 December / 1 December 2013

Urged the Economic Committee in the House of Representatives stakeholders from the central bank and security departments, placed on attention to counterfeiting because of their negative effects on the country’s economy, as an economist downplayed the significance of it being very limited.

A member of the Economic Commission MP Amer Al-Fayez, warned of the seriousness of the impact of counterfeiting on the economy of the country, noting that the security situation is stable and the border is controlled entirely contributed to finding this matter.

Fayez said in an interview with the newspaper (morning): that the counterfeiting of currency in any country affects its national currency the real through the spread of counterfeit currency, leads to stagger the economy within the local markets, as well as it helps to smuggle currency out of the country in ways that twisted and this in all conditions affecting the economic situation.

He attributed the MP reason behind the outbreak so ordered in any country to two things, firstly political reason the contribution of international order to hit the economy of a particular country and the damage it, and the second is the growth of the illegal economy, some of the characters and gangs, noting that the spread of such a thing leads to raise the value of the dollar against the currency National.

He called Al-Fayez executive powers to the attention of this matter and follow-up, as well as a strict penalties for each of those responsible for its spread.

It is believed that Al-Fayez deletion of zeros from the Iraqi currency would reduce the spread of counterfeit currency, the condition of the implementation of this step is setting up a mechanism to apply strict exploit the situation for fear of pumping counterfeit currency to banks and replace them with real currency.

The Iraqi Central Bank acknowledged the existence of Banknotes in Alasouk fake commercial, and face Aamama banks to take all necessary.

For his part, noted committee member MP Jassim Chenkali that the presence of counterfeit currency in the markets will lose confidence in dealing with the citizen of the Iraqi dinar and resorting to other currencies.

Chenkali said in a press statement that «the process of rigging the local currency will lead to the most people to resort to the dollar and thereby weaken the purchasing power of the dinar», adding that the fraud has spread in recent times because of the deteriorating security situation and the economic and rampant corruption.

He called Chenkali Central Bank and the Economic Crime Directorate and the relevant authorities to take the necessary measures to prevent the spread of counterfeit currency in the local market.

Have revealed some of the press reports about the presence of specialized rigging the currency printing presses in a number of areas of the capital Baghdad, the rigging of several currencies, including the Iraqi dinar and the U.S. dollar. Authorities have warned Iraq’s financial banking offices owners from exploiting their desks in illegal operations such as promotion of counterfeit currency, or involvement in money laundering operations, which reports indicate local and international to place it on a large scale in Iraq.

In addition, reduced economic expert on behalf of Jamil Antoine effect of the presence of counterfeit currency in the markets on the Iraqi economy, especially since its scope is limited in certain areas as well as the proliferation of banks and banking challenge them.

Said Antoine in a statement »morning», that «no country is free from the issue of counterfeiting because it is a phenomenon practiced by mafias competent in this regard and is on various forms, including amateurs who practice it, including those carried out by the intelligence, and the other part mafias Interior» afterthought «But in Iraq so far has not spread this thing is dangerous for the economy of the country».

And detect the presence of attempts to rig the currency, but it is not large, calling on all government agencies concerned to fight for it if they grew up will be a danger to the economy and the violation of it.


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