‘Central Bank of Iraq’ warns against trading in Libyan dollar… so what is it?

Last Wednesday, the Central Bank of Iraq reiterated that there is no so-called “Libyan dollar currency” and that what is circulating on social media in this regard is nothing more than fraud and fraud using counterfeit currencies, and this bank reserves the right to take legal action against each of the Circulates or promotes such counterfeit papers, in coordination with the competent authorities.

The measures taken by the Central Bank of Iraq in this regard are intended to ensure the security of the financial and banking sector in Iraq and to protect the rights of citizens against fraud and fraud.

It should be noted that the Central Bank of Iraq had warned in July (July) 2020 against “operations of fraud and swindle which the weak-minded can practice in this field”.

Bank awareness

In this regard, economics researcher Bassam Raad points out that “the Central Bank of Iraq is making great efforts to raise awareness among banks, protect and educate citizens, and the CBI’s warning against self-trading -saying ‘frozen currency of the Libyan dollar’ is fraudulent using counterfeit money”. In this context, to protect financial stability and reduce the risk that citizens are exposed to fraud by certain weak-minded people, taking advantage of the weak financial and banking culture of citizens in general.

Raad stressed that “citizens should only deal with banks, money transfer companies and exchange offices officially approved by the Bank of Iraq, in order to protect them from any fraud or scam, because these organizations are subject to continuous monitoring by the Central Bank of Iraq” and indicated that “they must work to disseminate financial and banking knowledge and inform citizens of their financial rights and responsibilities, through all official audiovisual media.

Some social media pages, from time to time, disseminate information about the sale of the “Libyan dollar” inside Iraq at low prices. The so-called “Libyan dollar” is a counterfeit currency, but fraudsters claim it comes from “frozen funds belonging to the regime of former Libyan President Muammar Gaddafi”.

Specialized gangs

Economics researcher Saleh Lafta says, “The problem is that the frozen dollar is a sound, uncounterfeit currency like other banknotes, and it can only be distinguished by the serial number printed on it, so it’s easy to pass it on to people individually. , and sometimes even those who own exchange offices do not distinguish the frozen dollar from others because of the difficulty of disclosing its serial numbers.

He added: “The frozen dollar enters Iraq through specialized gangs in a twisted way, and currency promoters offer these currencies for sale on social media sites, which have become fertile ground for their popularity, in particular “Facebook” for easy access to as many people as possible and deceive them, and counterfeiters and fraud gangs are owners of goods in search of a quick and sure profit.

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Victim of greed and quick profit

Lafta expressed his regret, “because the warnings of the Central Bank are not heeded, and many are still victims of greed and the search for quick profits, so the doctrines go towards trading and promoting these currencies or inject them into the markets and mislead those without the experience or knowledge to distinguish between fake and genuine.” “.

The economics researcher estimated that “these criminal acts perpetrated by mafias result in the destabilization of markets, the violation of state sovereignty and the theft of people. Therefore, it is the duty of the state to issue warnings and impose penalties on those who engage in such acts”. subversive activity, and it is a right of the state to legally control the foreign exchange markets. However, due to the difficulty of controlling this type of business operations, especially since they take place far from the central bank, the State has no solution except by sensitizing and warning the citizens against the risks of being victims of fraudulent operations and by avoiding losing their money and by controlling social networking sites, by toughening the sanctions against their promoters and by intensifying border and port controls to limit the entry of counterfeit money in the country.

Image of fraud and deception

And last year, Libya’s ambassador to Iraq, Essid Ali Essid, revealed the fact that there is a “frozen dollar” belonging to former regime leader Muammar Gaddafi, and that it is processed in Iraq. selling it for half its value.

The Libyan ambassador said in a press release that “many people talk about the frozen dollar, and it is always followed by the name of a country, and I don’t care what is attributed to this or that country. , but it is my duty to stop at what is falsely called (the frozen Libyan dollar).

He explained that “Libya’s money from currencies, whether dollar or other, is in an impenetrable fortress and far from being tampered with, and from the declaration of independence until today, the Central Bank of Libya has safeguarded state funds of various money baskets which are accepted and processed against looting, theft or seizure.”

The Libyan diplomat pointed out that “what is said and spread about the existence of a frozen Libyan dollar are lies (manufactured outside Libya) by cross-border organizations and criminal groups, and their objectives are to ‘bait the simple, the naive and the imbeciles’. , to plunder their money in a form of fraud and deceit.”

Al-Said Ali Al-Said sent a message to the Iraqi people, in which he said: “I warn my beloved Iraqi people not to run after this nonsense, and what social media platforms are circulating in this regard You can refer to the statements of the Central Bank of Iraq, which confirmed the inaccuracy of what is circulating about the existence of the frozen Libyan dollar.

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