Counterfeit money sweeping northern Iraq
The headquarters of Ministry of Finance and Economy in the Kurdistan region of Iraq. Photo: Rudaw Arabia
Baghdad (IraqiNews.com) – Counterfeit U.S. dollars deepened the financial crisis in Iraq as denominations of counterfeit U.S. dollars appeared in the Kurdistan region.
The Ministry of Finance and Economy in the Kurdistan region of Iraq called on citizens to pay attention and beware of the spread of counterfeit local currencies and U.S. dollars.
“Recently, counterfeit currencies increased in the markets of the Kurdistan region, so the ministry calls on citizens to be cautious when dealing with different types of currencies in order to avoid possible harm,” the ministry mentioned in a statement.
The statement added that the Sulaymaniyah branch of the Central Bank of Iraq (CBI) provided the employees of the banks’ treasury with training to pay more attention when dealing with these currencies.
The statement explained that employees in directorates and currency exchange shops will also be provided with training courses to pay more attention to these counterfeit currencies and to be aware of their dangers.
The statement added that the security forces seized large quantities of counterfeit Iraqi currency in the denominations of 25,000 and 50,000 dinars, in addition to U.S. dollars in the denominations of 50 and 100, indicating that the necessary legal measures were taken in this regard.
At the beginning of February, news about counterfeit local currency in markets and shopping malls spread on social media, but the CBI reassured the Iraqis, indicating that there are mechanisms through which counterfeit currencies can be identified.