CBI To Import Counterfeit Iraqi Dinar Detectors As 2013 Approaches
Tide seems to turn on the issue on how Iraq relentlessly exerts tremendous effort to strengthen its currency and release its new notes thus, the country is taking precautionary measures to check for counterfeit money which keeps the exchange rate strong by the way. So, how will they do this?
Baghdad revealed last June 26, 2012 that the Central Bank of Iraq is intending to buy necessary equipment (electronic devices) to detect the original notes from the fake ones. This is really a serious issue as year 2013 is approaching. This was even stressed by the Deputy Governor of CBI, Mohammed Saleh, when he said that the CBI will be importing advanced counterfeit money detectors. These electronic devices are expected to be linked on the web to produce updated information and help traders to get the latest and updated methods to detect fake ones.
It was even noted by Saleh that the intended electronic devices will work and shall be circulated after the distribution of the new notes which will be expected by the start of 2013. This will definitely enhance the integrity of the new notes when the time comes for its release to the public.
It seems that Iraq has learned its lesson from the fraud that it had experienced during the existence of mafia fraud in the Iraqi invasion of Kuwait last 1990. The mafia fraud was one of the reasons Iraq was not able to lay hold of its currency’s integrity. As a matter of fact, the fraud even lasted for more than 10 years (from 1990 to 2003). Iraq seems to be telling the world that this illicit movement by some unpleasant individuals needs to be abolished and reprimanded rather than living in fear of fraud.
Will this significantly reduce the existence of counterfeit money or will this restrict some speculators and traders to trade freely on the free market? Well, whatever the outcome, everybody knows that the country is doing its best to obtain stability on its currency. There was already an announced contract by the Central Bank of Iraq. The contract involves the reduction of a coin-friendly environment.
Mohammed Saleh said, “The Iraqi government contracted to purchase equipment for the destruction of eco-friendly currencies according to the latest global technologies. The new devices will be distributed to banks and will be erected in places under the ground, indicating that new hardware will work to transform the categories of paper to be destroyed to ashes, and without issuing any heat or waste gas.”
However, if these detectors play a crucial role in maintaining the integrity of the new notes, why wait for 2013 and why not come out now? Well, the implementation of the said counterfeit money detectors is still subject to the final decision of all the members of the Commission to further regulate the contract thus, the involved documents for the approval of these electronic devices shall wait for the members’ approval. It was also noted that the Finance Committee has directed the Central Bank of Iraq to reduce the dollar exchange rates and stabilize the Iraqi dinar as Ramadan approaches. Furthermore, Iraq also has planned to add 36 security features on the new notes to eradicate forgery. Jubouri told the press last July 5, 2012, “There are a lot of specifications will have to (thirty-six) ensure that Amaknyh feature forged, while the currency in which the current (8) features.”
So, what could be the composition of the new currency that it might distinguish itself from the fake ones? Finance Committee MP, Najiba Najib, has her answer to this when she told the Baghdad Agency News last June 27, 2012, “The currency will be Viah paper and other metal will be released in early 2013, but it needs to be taken by the Central Bank reserves and the measures necessary to detect cases of fraud and forgery, which was repeated in the current currency by their weak souls.”
Therefore, it is obvious that Iraqi Government really planned these counterfeit detectors to be specialized only for the new notes which will come out by January of 2013. Such preparation brings us the idea that Iraq learned its lesson from the previous fraud it had experienced.
Although the financial institutions of Iraq have not yet released the appropriate methods on how to detect the original ones from the fakes, Iraqi financial experts believed that this will raise confidence in the currency, as well as reducing the possibility of unnecessary inflation caused by bogus banknotes.
Written by http://www.DrDinar.com/blog
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