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ISIS has become the richest terrorist group on the earth by a fancy system of taxes, oil-smuggling, kidnapping, and various kinds of extortion. But its checking account was padded with only a few huge one-time hauls from, correctly, totally different monetary establishment accounts.

Last yr, ISIS invaded Mosul, Iraq's second largest metropolis. The jihadist group stole $430 million in paper cash from the town's central financial establishment, along with an unknown amount of gold bullion.

Hundreds of ISIS fighters took Mosul's authorities forces with out warning in a June, 2014 lightning assault. The group took administration of the airport and native TV stations whereas moreover releasing about 1,000 inmates from the central jail, according to a report from the International Business Times. In the aftermath, pictures circulated of ISIS operatives driving spherical in U.S.-issued Humvees.

While storming the city, the terrorists moreover stormed the monetary establishment vaults, reportedly stealing 500 billion Iraqi dinars ($430 million). A month later, the governor of the province that options Mosul, denied the monetary establishment theft ever took place, and some bankers inside the metropolis acknowledged each half was working often. The head of the central monetary establishment refused to confirm or deny the heist to The Financial Times. But if it did definitely happen, will probably be considered one among many largest monetary establishment heists in historic previous.

HAIDAR HAMDANI/AFP/Getty Images

Last week, a senior official from the U.S. Treasury doubled down on the allegations, saying that the Islamic State was chargeable for looting between $500 million and $1 billion from banks all through territory it controls in Iraq and Syria.

The United States and the Iraqi governments have labored collectively to chop off 90 banks in Islamic State territory from the worldwide monetary system, nevertheless which can not have quite a bit affect. It appears that the militants are strategically switching to gold as their elementary kind of foreign exchange.

The group produced a video entitled "Dark Rise of Banknotes and The Return of the Gold Dinar," which explains how paper foreign exchange used all around the world is worthless and by no means backed by one thing. ISIS must return to medieval cases, when the Islamic empire used gold and silver foreign exchange.

The concept of gold foreign exchange is type of a necessity for a gaggle that is cut back off from the world's financial system. Gold is accepted all around the world. Its price is intrinsic. It does have its downsides, though. For one, individuals are additional liable to hoard gold foreign exchange than use it. And then there's the problem of weight – $1 million in gold would weigh about 40 kilos. Gold merely just isn't a extremely helpful foreign exchange. Maybe that's the reason ISIS continues to advertise oil for U.S. {{dollars}}.