The Central Bank of Iraq issued a public alert after monitoring multiple fraud schemes targeting citizens for financial gain, urging heightened precautions to avoid being deceived. The bank highlighted four prevalent methods: selling a purported USD 1,000,000 “banknote” that is in fact a non-circulating commemorative note, noting that the highest US dollar denomination is USD 100; marketing black-coated paper cut to the size of a USD 100 note as genuine currency on the false claim it can be restored by removing the coating; exchanging withdrawn-from-circulation banknotes from various countries that have no financial value for Iraqi currency at large sums; and passing off reproduced or printed US dollar and Iraqi dinar notes marked “model”, “null”, or “void”, including toy versions, as real banknotes.
Central Bank of Iraq 2026-02-23
Central Bank of Iraq warns the public about recurring banknote fraud schemes involving fake US dollars and invalid currencies
The Central Bank of Iraq issued a public alert regarding multiple fraud schemes targeting citizens, urging caution to avoid deception. The schemes include selling non-circulating commemorative notes as high-value currency, marketing black-coated paper as genuine currency, exchanging worthless withdrawn banknotes for Iraqi currency, and passing off reproduced or toy notes as real.