The Counterfeit Problem Forced Iraq to Issue New Currency

Iraq NewsAfter a several complaints from local markets, the central bank of Iraq decided to issue new currency notes to combat the issue of counterfeit currency. In a reported case 38 billion counterfeited Iraqi dinars was found along with a printing machine in Baghdad few months ago. The reported case creates misconceptions among traders and local buyers for authenticity of notes. Most of the reports were coming from 250, 500 and 1000 notes of Iraqi dinar.

Therefore central bank decided to reprint these notes to avoid such things with new features, codes and images that are difficult to copy by any of the local. Iraqi dinar will be stable only when the people of Iraq will trust in its authenticity of use. When the people and traders are not sure about the authenticity of notes, they not use them in their daily trade matters and will find alternatives to fulfill their needs. When the currency lost the trust, it lost the value in local and international market. Therefore it was badly needed to reprint these notes with greater features that would make them secure to use in the market. These new notes are also easily recognizable by the blinds as well due to its unique features.

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