Iraqi Central Bank Warns of Counterfeit Money

21/10/2012 02:54:00 By NAWZAD MAHMOOD




SULAIMANI, Kurdistan Region—The head of the Bank of Kurdistan says that the Central Bank of Iraq has warned all branches across the country of the circulation of counterfeit Iraqi banknotes in the market.

“We are always concerned about the spread of counterfeit money in the market,” says Dilshad Abdulmajid, the head of the Sulaimani branch of the Bank of Kurdistan.

Abdulmajid told Rudaw that up to now fake banknotes have not reached Kurdistan’s markets in amounts that would pose a threat to the economy.

“But because of the situation in Syria and threats against Iran, there is the risk of counterfeit money crossing the borders of Iraq and the Kurdistan Region.” Abdulmajid said.

He suggests that border checkpoints and customs officials should be more vigilant.

Adham Karim, the head of the main branch of the Bank of Kurdistan says that his office does not have certain data about the circulation of counterfeit money in Iraq. But Abdulmajid maintains that his branch has been informed by Baghdad of the spread of fake 5000-dinar bills and that “we should be more careful when dealing with that particular note.”

Karim does not deny that his staff detects fake banknotes passing through his bank from time to time, but he says it has always been in insignificant amounts.

“However,” Karim says. “The borders are more open now and extra vigilance is necessary.”

Abdullah Muhammad, a money trader in Sulaimani’s currency exchange market says that fake banknotes are like a “time bomb that may suddenly explode” if it is ignored.

“Twice in the past I have been given fake money,” Muhammad says. “But thankfully both times the amounts were small. By the time I found out the person had gone. Now, I check every single note I receive.”

Tahir Abdullah, the manager of the Sulaimani Airport says that his staff has never seized any counterfeit money passing through the airport.

“Any money passing through the airport is under the supervision of the airport customs,” Abdullah says. “But sometimes the amounts are too huge to be checked individually.”

Abdullah added that people who trade in forged currency might not use airports to move their money around.

One of the security features of Iraqi money is a metallic thread that runs through most banknotes. Abdulmajid says the thread is missing in the fake notes, but the forgers have tried to come around that problem, too.

“The fake notes do not have the thread, but there is a thin line that resembles the thread,” he says. “You won’t be able to notice it if you do not look carefully.”

Abdulmajid says that in every 1 billion, 25,000 dinars could be counterfeit, and “this could be something normal. But this is the first time we get warnings from the Central Bank of Iraq.”

Kurdistan’s Minister of Finance Bayiz Talabani says that he is unaware of counterfeit money circulating in Iraqi markets, but he is certain that such notes cannot enter Kurdistan’s markets.

“We have great money inspection machines and such notes cannot reach us easily,” he told Rudaw.


http://www.rudaw.net/english/kurds/5337.html[b]