Forged US Currency Pushes Gulf States into High Alert
The Saudi Authorities warned all local commercial banks of a possible influx of forged US dollars into the Kingdom. A counterfeit US$100 note, printed in 1996, were recently detected in the neighboring United Arab Emirates, A-Sharq Al-Awsat Daily reported, setting authorities into high alert.
The Saudi Monetary Fund (SMF) instructed national banks to take maximum precautionary measures before accepting any tender from the public. UAE authorities located a forged note with the printed serial number: B2 AB46770278E.
The SMF recommended that all banks and finance houses use special machines to detect forged currencies. In the past, the technologically-advanced devices proved effective in reducing the entrance of forged notes into currency flow. Counterfeit currency in the Arab Gulf States is prevalent mainly in US Dollars and in the national currency of each state.