New Iraqi Dinar – “Corruption and Money Laundering”

According to a report from Aswat al-Iraq, an economic advisor to Iraq’s Prime Minister, Nouri al-Maliki, has described the Central Bank of Iraq (CBI)’s plan to redenominate the Iraqi currency as “the worst corruption and money-laundering process in the history of Iraq.”

“The CBI must understand that it is playing with fire and undermining the course of the consumers, producers and the economic changes in the country,” Abdul-Hussein al-Anbaky told Aswat al-Iraq news agency on Sunday, adding that the move was taking place “at a time when the Iraqi economy was suffering from instability and chaos.”

Anbaky’s statement was issued the day after the Central Bank announced its intention to drop the zeros from the Iraqi currency and to change it, in an attempt to ease inflation, and to encourage citizens to use their own currency instead of the US dollar.

“The changing of the currency shall be the greatest corruption process in the history of Iraq, because the currency counterfeiting Mafias are ready to change the counterfeited currency with the new currency,” Anbaky said, adding that “the money-laundering merchants would come with trillions of dinars to change them.”

Anbaky, at his position as the government’s economic advisor, had called on the Economic Committee of the Council of Ministers “not to respond to the draft-law for changing the Iraqi currency, raised by the CBI to the Council for ratification.”

AlsumariaTV reported on Saturday that the CBI had sent a draft resolution regarding the redenomination to the Iraqi cabinet. The report said the new notes will be printed in three languages, including Kurdish, and the changes would also involve the introduction of coins.

The CBI reportedly emphasised that the changes will not affect the buying capacity of the Iraqi dinar.

(Sources: Aswat al-Iraq, AlsumariaTV)

4 Responses to New Iraqi Dinar – “Corruption and Money Laundering”

  1. FunnyFool September 5, 2011 at 6:21 pm #

    if you want the iraqi people to start using there own currency you have to re-value the dinar. its simple as that…leave the dinar the way it is and just re-value it….that would be a clear sign to the iraqi people that the currency and government is taking steps on turning the country around after decades of mis-leadership

  2. Banker September 6, 2011 at 6:13 am #

    Pure speculation. Finance Minister will make all banks have
    Anti counterfit machines to sort through the bills.

  3. Stew September 6, 2011 at 10:37 am #

    Banker… I’m sure you are aware that if there is a redenomination both currencies are good in all of Iraq for the duration of the exchange period. The banks will have no problem determining counterfeit currency. It’s the shop owners and other citizens that will get taken advantage of.
    I think this is the perfect cover for Iraq and the CBI, they have said a number of times that the exchange would take a year or even two. They have been saying that so people won’t panic before hand and try to exchange all dinar for dollars. This mafia counterfeit currency worry… whether true or not… is going to be used to shorten the exchange period. They have been saying a year or two to keep people calm. When they announce the redenomination they will probably give 3 months to exchange and say they are forced to do a quick exchange because of the possibility of corruption in the process.

  4. jabbar kaddem July 10, 2012 at 10:12 am #

    The new news of the currency exchange , the process will be lasted for 10 years , as the committee in the Iraqi parliaments said.