As Part Of Its War On Counterfeiting, Iraq Enhances The Security Of Its Currency With Improved Marks And Printing New Banknotes
economy 11:47 – 2025-02-01 Today’s News – Follow-up Attentions in Iraq are directed towards the efforts made to protect the national currency and enhance its economic security. In this context, the Central Bank of Iraq’s disclosure of a set of modern security marks that have been added to the circulating banknotes comes as a qualitative step that reflects the keenness to keep pace with global developments in the field of currency printing and security.
On January 19, the Central Bank of Iraq unveiled the security marks of the circulating banknotes, with the aim of educating the public, as well as companies and commercial banks that deal with these banknotes on a daily basis, reviewing these improved security marks, through a technical bulletin, in which it indicated the introduction of prominent marks on the new banknotes to enable the visually impaired to identify the banknote denominations by touch.
Mazhar Muhammad Salih, the economic advisor to the Prime Minister, confirmed in a statement followed by Al-Rasheed, that Iraq’s decision to print a new currency is a natural decision that comes within the state’s efforts to protect its national currency and enhance its security.
Salih explained that since the first issuance of the currency in 1934, Iraq has printed its currencies at the largest international printing companies, with the exception of the blockade period when the state was forced to resort to local printing.
He pointed out that Iraq still relies on the largest international companies specialized in printing currency, which are companies with a good reputation and high reliability and adhere to the highest international safety standards. He pointed out that this matter is of great importance to the economic security of Iraq and global security in general.
He added that Iraq reprinted its currency after 2003 with the largest international companies, including British and German companies. He explained that reprinting currency is a routine procedure that is carried out periodically to replace damaged papers and introduce new security improvements to the currency to protect citizens from counterfeiting and money laundering.
He stressed that these procedures come within the framework of the state’s keenness to protect citizens’ economic rights and ensure the stability of the Iraqi economy. He pointed out that the Central Bank of Iraq is the only body authorized to issue currency in accordance with the law, and there is strict security control over the printing and circulation process to prevent the entry of counterfeit currency into the country.
Saleh stressed that the cost of reprinting a single currency is very simple, not exceeding cents compared to its benefits, and that this procedure is an integral part of the policy of central banks around the world to maintain the stability of national currencies and protect national economies. https://today-agency.net/Details/33106
A Battle Against Counterfeiters And Money Laundering.. How Is Iraq Seeking To Protect The National Currency?
Posted on2025-02-02 by sotaliraq All eyes in Iraq are on the efforts being made to protect the national currency and enhance its economic security. In this context, the Central Bank of Iraq revealed a set of modern security features that have been added to the circulating banknotes as a qualitative step that reflects the keenness to keep pace with global developments in the field of printing and securing currencies.
On January 19, the Central Bank of Iraq unveiled the security features of the banknotes in circulation, with the aim of raising awareness among the public, as well as companies and commercial banks that deal with these banknotes on a daily basis.
It reviewed these improved security features through a technical bulletin, in which it indicated the introduction of prominent features on the new banknotes to enable the visually impaired to identify the banknote denominations by touch.
Battle Against Counterfeiters And Money Laundering
Mazhar Mohammed Salih, economic advisor to the Prime Minister, confirmed that Iraq’s decision to print a new currency is a natural decision that comes within the state’s efforts to protect its national currency and enhance its security.
Saleh explained that since the first issuance of the currency in 1934, Iraq has printed its currencies at the largest international printing companies, except for the period of the blockade when the country was forced to resort to local printing.
He pointed out that Iraq still relies on the largest international companies specialized in printing currencies, which are companies that enjoy a good reputation, high reliability and adhere to the highest international safety standards. He pointed out that this matter is of great importance to Iraqi economic security and global security in general.
He added that Iraq reprinted its currency after 2003 by the largest international companies, including British and German companies. He explained that reprinting the currency is a routine procedure that is carried out periodically to replace damaged papers and introduce new security improvements to the currency to protect citizens from counterfeiting and money laundering.
He stressed that these measures come within the framework of the state’s keenness to protect citizens’ economic rights and ensure the stability of the Iraqi economy. He pointed out that the Central Bank of Iraq is the only body authorized to issue currency in accordance with the law, and there is strict security control over the printing and circulation process to prevent the entry of counterfeit currencies into the country.
Saleh stressed that the cost of reprinting one currency is very simple, not exceeding cents, compared to its benefits, and that this procedure is an integral part of the policy of central banks around the world to maintain the stability of national currencies and protect national economies.
A Good Step.
Financial and banking researcher Mustafa Hantoush believes that the process of printing new currency to replace damaged ones or add to the market in exchange for real balances in international banks is a correct step.
Hantoush said that Iraq is continuing the process of printing local currency to be used in replacing the damaged currency that was originally issued or to be used in issuing a new currency for the first time in exchange for real balances in international banks, indicating that Iraq actually has an excellent balance of foreign currencies and gold and it balances them against any dinar that it prints and it is one of the best equivalents in the world.
He explained that the process of adding security signs to a new currency is a correct process and not a mistake; Iraq in any case needs a currency print to replace the damaged one, and if it has better security features, it is a good sign, especially since issuing the new currency, whether with new security signs or the same as the previous one, will be at the same cost, so there is no problem with it.
He stressed that the issue is not related to a radical change in the form of the currency, but rather it is the same currency but with better security specifications.
Iraqi parliament member Haitham Al-Zarkani stressed that the Central Bank’s talk about steps to issue a currency with security solidity is a commendable effort.
Al-Zarkani explained that any steps to make the Iraqi currency solid and globally accepted are of utmost importance, especially since the Iraqi currency is rarely used in neighboring countries due to the instability of exchange rates and the non-recognition of it by some Arab and European countries as a global currency.
Al-Zarkani attributed this weakness to cases of counterfeiting, noting that issuing a currency that takes into account security aspects and meets the needs of the visually impaired represents an important step on the security, humanitarian and economic levels at the same time, without wasting resources or diminishing the value of the Iraqi currency in global markets.
In 2018, the Central Bank of Iraq issued a second edition of banknotes in denominations (25,000, 10,000, 1,000, 500, 250), and in 2013, it introduced some technical and technological updates to the 2003 edition, except for the (50) dinar denomination, which was withdrawn from circulation in 2015.
At the end of 2015, it issued the (50,000) dinar denomination to complete the current series in circulation.
For his part, economic expert Safwan Qusay confirmed that the Central Bank is striving to make paper currency more secure and difficult to counterfeit and manipulate, by moving towards supporting the policy of financial inclusion and shifting to electronic transactions.
However, Qusay pointed out that the process of withdrawing and issuing money with a higher security force does not pose any risks, especially since the circulating monetary mass of 100 trillion dinars (about 76 billion dollars) is under the control of the Central Bank and there is no new issuance of the currency in a different form, but rather it is merely a replacement of the type of currency existing in the market.
Qusay added that this policy is followed in all countries of the world, as currencies require modern technologies to reduce the possibility of counterfeiting and forgery.
Regarding the Central Bank’s talk about using special inks to serve the visually impaired, the expert confirmed that there is a real interest in this category, and that the process of selecting international printing presses specialized in producing currencies is carried out with high precision to ensure their quality and safety, explaining that the process of caring for the visually impaired comes from the Central Bank’s keenness to meet the needs of all segments of society, and that this decision was not arbitrary, but rather came in response to a real need that the bank had identified in the market.
Qusay stressed that replacing or improving the quality of prints is in line with the Central Bank’s directives to all banks, and that this step will not affect citizens’ confidence in the currency in circulation, noting that the main focus currently is on achieving financial inclusion and enhancing the use of credit cards to ensure the speed and security of transactions and protect the local market from any external interference. LINK
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