By John Lee.
The Central Bank of Iraq (CBI) has warned citizens of fraudulent schemes involving counterfeit and non-circulating banknotes designed to defraud victims for financial gain.
In a statement, the CBI outlined several common methods currently observed in Iraq:
- "$1,000,000" banknotes sold as legal tender, despite being commemorative notes with no monetary value. The Bank stressed that the highest legitimate US dollar denomination is $100.
- "Black dollar" scams, in which black-coated paper cut to the size of $100 bills is falsely claimed to be genuine currency that can be restored by removing the coating. The Bank confirmed such claims are entirely false.
- Withdrawn foreign banknotes from various countries promoted as valuable and exchanged for large sums in Iraqi dinars, despite having no financial value.
- Replica or specimen banknotes, including US dollar and Iraqi dinar notes marked "Specimen," "Sample," or "Void," often marketed as toys but misrepresented as genuine currency. The CBI said it has notified relevant authorities to prevent their printing or importation into Iraq.
The Bank urged the public to exercise caution and avoid falling victim to such fraudulent practices.
(Source: CBI)
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