Iraqi Markets Face Concerns Over Alleged Counterfeit Currency
In recent weeks, Iraqi markets have been increasingly alarmed by reports regarding the circulation of counterfeit 25,000 dinar notes allegedly originating from Iran. Despite claims from citizens and merchants regarding the prevalence of these questionable banknotes, the Central Bank of Iraq has categorically dismissed these allegations, asserting that the complexities of currency printing make counterfeiting exceedingly difficult.
Central Bank Denies Allegations of Counterfeit Currency Spread
An unnamed official source at the Central Bank of Iraq stated that discussions surrounding the widespread availability of forged 25,000 dinar notes attributed to Iran are "absolutely incorrect." The source emphasized that Iraq’s adherence to rigorous global currency printing standards significantly impedes counterfeiting efforts, particularly for larger denominations.
Moreover, the official noted that regulatory teams from the Central Bank, in collaboration with security agencies dedicated to economic crime prevention, are actively monitoring and thwarting attempts to introduce counterfeit currency into the market. The official reassured that any counterfeit notes are generally easy to identify for citizens due to their failure to replicate the intricate security features of the national currency.
Merchant and Public Concerns Persist Despite Official Denials
Conversely, some merchants have expressed unease regarding the alleged influx of counterfeit 25,000 dinar notes. A trader operating in Baghdad’s Shorja market remarked that discussions among merchants about the potential for counterfeiting have intensified, highlighting observed inconsistencies in the texture and coloration of the banknotes. As a result, merchants have adopted a more cautious approach when accepting this currency category.
Additionally, the proprietor of an exchange office in the Karrada district noted that complaints from citizens concerning counterfeit bills have surged, albeit on a limited scale. He cautioned that while these occurrences are not widespread, vigilant monitoring by the Central Bank and security services remains imperative.
Economic Experts Warn of Potential Impacts
Economist Mudar Al-Sabti indicated that even a minor increase in counterfeit currency circulation could undermine public confidence in the Iraqi dinar, subsequently driving greater demand for the US dollar as a more stable alternative. He stressed the importance of transparency from the Central Bank, advocating for the publication of periodic reports detailing the extent of counterfeit currency attempts and the effectiveness of official measures in combatting them.
Government and Banking Response
In light of these developments, a high-ranking security official confirmed that authorities combatting economic crimes are closely surveilling markets, particularly exchange offices, to prevent the circulation of counterfeit currency. Recent weeks have seen several individuals apprehended for attempting to disseminate forged banknotes.
Navigating Between Official Assurances and Public Anxiety
While the Central Bank of Iraq maintains that counterfeit dinar circulation is not widespread, apprehensions persist within the marketplace, with some traders acknowledging the occurrence of limited forgery cases. This growing discourse highlights the pressing need for enhanced financial oversight and transparency to safeguard the integrity of the national currency and maintain public confidence in the Iraqi economy.
