"WHO'S ASKING... BECAUSE OF COURSE IT IS." BY FRANK26, 23 OCT

 KTFA

FRANK26: "WHO'S ASKING... BECAUSE OF COURSE IT IS."...........F26

Counterfeiting currency in Iraq.. Is the responsibility of the Central Bank or the government?

 

10/19/2024

 

 Baghdad

Financial and economic expert Alaa Al-Fahd revealed, today, Saturday (October 19, 2024), the authorities responsible for protecting the Iraqi currency from counterfeiting and its spread in the markets.

Al-Fahd told Baghdad Today, “The mission of the Central Bank of Iraq is to issue currency and maintain monetary policy and coordination in this field. As for the issue of counterfeit currency, this is the responsibility of the specialized executive government agencies. The bank's goal when it issues its currency is to work on finding ways to protect this currency from counterfeiting, and this matter exists in all countries of the world.”

He added that "the issue of gangs and currency counterfeiting mafias is not within the tasks and duties of the Central Bank to confront, even the issue of currency smuggling is not within the Bank's tasks," indicating that "these issues are the responsibility of the specialized executive government agencies, including the security agencies, and for this reason the Central Bank of Iraq always works to coordinate with those government agencies in order to preserve the Iraqi economy and currency.”
The expert confirmed that "even the dollar is a counterfeit currency, not only in Iraq but in most countries of the world, and this is not the responsibility of the Central Bank of Iraq, but rather the responsibility of the specialized executive government agencies."
It is noteworthy that the Ministry of Interior announced today, Saturday, the arrest of an international gang in possession of “counterfeit” currencies in Baghdad .

The ministry said in a statement received by "Baghdad Today", "Through activating the intelligence effort and pursuing organized crime gangs, accurate information was provided indicating the presence of a gang in the Sadr City area, east of the capital, Baghdad, that is "counterfeiting currency and distributing it in local markets  ."

 She added, “Judicial approvals were obtained and a working team was formed from the Directorate of Combating Organized Crime in the Federal Intelligence and Investigation Agency in the Ministry of Interior and moved to Sadr City, where the gang of 8 suspects was lured and arrested, And counterfeit sums of money amounting to 10 million Iraqi dinars in different denominations were seized, in addition to dollar bills in denominations of one hundred dollars and fifty dollars and counterfeit euro bills .”

“Two printers used in counterfeiting operations were also seized, as well as a yellow Renault wheel used in distributing counterfeit currency,” she continued, stressing that “legal measures were taken against the accused, and it was proven through the investigation that there is a person residing outside the country who visits the home of one of the accused from time to time and brings new and modern editions of counterfeit currency, which are distributed in Baghdad and Basra through one of the accused who has a relationship with one of the arrested accused  “

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