ISIL announces plan to mint own currency

Written by  Published by:Shiite News
Published in Middle East
Friday, 14 November 2014

The ISIL Takfiri terrorist group says it is planning to create its own currency in coins, prompting speculations on whether the move is viable.

The terrorist group said in a statement on Thursday that the currency will be in the form of two gold, three silver and two copper coins.

The Takfiri group said that the motive behind the move was to avoid the “tyranny of the international monetary and financial system,” adding that the currency will make it possible to avoid the “global economic system that is based on satanic usury.”

Commenting on the announcement, Jimmy Gurule, a former US Treasury undersecretary, told CNN that the ISIL “is the wealthiest terrorist organization that the world has ever known, and so, with that kind of money, it’s hard to understand ‘what's the potential?’ What could they do with that?”

“The difficulty, of course, with that kind of money is you can’t just put that money in shoe boxes and place it under your mattress. It has to enter into the financial system at some point in time. So I think the Treasury needs to be focusing on banks -- banks in Qatar for example, and in Kuwait -- that may be the recipients and handling money for ISIS,” Gurule added, using another name for the Takfiri group.

The terrorist group's major source of income is the oil it extracts in the areas it has seized. The International Energy Agency (IEA) said in its monthly report on October 14 that the oil output of the Takfiri group was less than 10,000 barrels per day.

The terrorist group earns between 1 and 2 million dollars per day by selling the illicit oil.

The terrorist group reportedly pumped around 80,000 barrels per day over the summer. The oil is bought mainly by local traders and part of it is smuggled to Turkey.

The ISIL terrorists currently control large areas of Iraq and Syria.

The militants have been carrying out horrific acts of violence, including public decapitations, against Iraqi communities such as Shias, Sunnis, Kurds and Christians.

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