Auction Central Bank .. port of corruption or the balance of the market?
Auction Central Bank .. port of corruption or the balance of the market?
[Special Oan-] Report: Raghad Daham
auction currency of the Central Bank of Iraq, the word accompanied by suspicions of corruption and money laundering and the smuggling of dollars abroad.
Opinions vary about these “charges” where specialists believe that it is important to achieve a foreign currency balance and the exchange rate with the provision of liquidity of foreign exchange to cover import of goods and trade process.
He says general manager of banking and credit control in the bank Ihsan Shomran Yasiri, that “more than 90% of sales The central bank is through dependencies documentary universally used and either direct sales through the sale of foreign currency window of a few to sustain the economy and inject the dollar to trade. ”
He adds, that” the monetary reserves of the Central Bank of Iraq from foreign currency of up to $ 50 billion , which is quite normal number with a country that is going through since three years a large deficit in the state , “stressing that” these foreign reserves are , according to the international Monetary Fund on the safe side. ”
and the dollar exchange rate , which sells central bank Goods banking and domestic market, Yasiri teams, said that” the bank sells the dollar in 1200 dinars, and the parallel to him in the domestic market more than that, but keep the difference is not, but very reasonable and that the bank defends the difficulty to maintain it , “adding,” the Central Bank is financing large deficits in the state budget. ”
often revive economic mafias under the absence of follow – up and strict laws and obsolescence of the banking system and mechanisms to follow up the circulation and transfer of cash, and this is the case with Iraq, especially since the integrity Commission has recently announced increasing cases of banking fraud and the theft of billions of dinars from the state – owned banks by check without balance complicity of some officers.
and are frequently private and private banks supportive partner important in promoting economic sector and provide employment opportunities through its support for special projects or government, but it seems that this breaks down in Iraq , where the faces of these banks are other corruption charges benefiting from the auction currency , central bank described as “shops” to sell the dollar against the dinar taking advantage of teams exchange rate.
saw the dollar for nearly two weeks , up against the dinar , where sometimes exceeds 1300 dinars to the dollar, in local markets.
Finance Committee in the House of Representatives and attributed this rise to the central bank ‘s policy, he said in a statement that the “fall of the dinar exchange rate against the dollar caused the central bank made for some private banks and not others in an auction sale of the currency and the weakness in monitoring the performance of these banks. ”
and demanded that ” the Central Bank of the need to adjust the trading currency auction and evaluation of private banks performance , “indicating that” official data and statistics affirm provide some private banks purchase invoices is true in currency auction “revealing” its intention to form a fact – finding committee to find out the reasons for the high exchange rate in the markets, and monitor the performance of the central bank auction of currency and checking the seriousness of their actions that tainted many question marks, and put an end to the mafias market and some currency traders control the price of the dinar Iraq exchange ” .
For their part , revealed judges specialize money laundering issues that “millions of dollars were smuggled out of the country by traders and bankers and fictitious companies and money transfer.”
known Iyad Muhsin ligature magistrate money laundering this crime as “legitimize the funds of illicit origin, to make them look in the legitimate use of several methods of image , “pointing out that”. of these methods to carry out import fake and convertibility of the dollar abroad and the use of other people , ”
said the parliamentary Finance Committee member Jabbar al – Abadi’s [where] that” the parliamentary Finance Committee is determined to introduce new legislation through coming days regulate private banks and windows sell the currency in the country and dominate the market work , “stressing that” this legislation will include the banking business in the country and private investment in this regard. ”
according to observers, the banking sector in Iraq is witnessing a noticeable decline through economic assurances to lower the cash reserve of the Central Iraq, as well as variation sell hard currency, prompting the House of Representatives and economic experts claim the Iraqi government to monitor auctions sell the currency on the one hand, and the introduction of hard currency into the country by activating the work of border crossings and customs tariffs and inventory to deal in hard currency with the other hand.
as stressed member of the Committee Sarhan Ahmed told [where] “the need to control the exchange rate of the Iraqi dinar against the dollar, by maintaining a reserve of hard currency , ” stressing that ” the central bank has no plans to raise the value of the dinar against the dollar, and the rise of the dinar rate based on bank reserves Central of hard currency and the non – oil and oil revenues coming into the country. ”
He pointed out that” the legislative track and other issues have a direct impact on the exchange rate, which calls for preservation of the Iraqi dinar exchange rate and maintain a reserve of hard currency. ”
in what Prime revealed Haider al – Abadi minister “reduce the amount of the deficit in the budget for fiscal 2017 from 32 trillion dinars to 15 Trliuna.” Within the government ‘s plans to pressure government spending.
And the role of the judiciary competent in the fight against financial corruption and the courts , said the dead of integrity and money laundering Radi Fartusi in a press statement the judge, that “our courts to deal very seriously with this kind of issues and resolving many of them , ” he said , adding that ” the delay in resolving the some of the lawsuit is for reasons not related to the elimination of including non – completion of the administrative investigation of the relevant authorities. ”
He criticized the ” lack of identifying stakeholders purchased for amounts by private banks when conducting the administrative investigation, as well as the amount of damage achieved as a result of money laundering. ”
also complained Fartusi not . ” check those actors permits and invoices submitted by the banks and customers before their participation in the foreign currency auction. ”
One of the strange cases before the judiciary, Fartusi said that” a young man of only 25 years , which recharged his account of $ 10 million and although it works taxi driver and after checking with the show that interface you used one of those for the purpose of laundering the funds and turn them out of Iraq. ”
it is said that the CBI, in its daily auction amounts of dollar sometimes exceed 130 million mostly alcohols and is priced at 1182 dinars to the dollar.