Iraq’s foreign between corruption and the collapse of the dinar currency auction
Iraq’s foreign between corruption and the collapse of the dinar currency auction
November 20, 2016
The changes that have occurred in the structure of the political system in Iraq after 2003 affected the structural composition of the economy clearly, especially the auction currency, which has had a major share in this change. The different views of economic figures in Iraq about the pros and cons of an auction currency which is organized by the central bank since 2004, as the split between supporters see as an attempt to steal the Iraqi money and smuggled abroad, and dismissive so stressing that it contributes to the stability of the dollar’s exchange rate against the dinar.
The economic corruption is complex and thorny, multi – faceted aspects of the subject, most economies researchers differed on the identification of the problem of corruption being the big, linked to the corruption of an authoritarian politician, I have abounded Msmyate, there are (financial corruption) , which reflects the corrupt authorities financial irregularities and the apparent purpose of obtaining funds in a manner illegal, leading to wastage of public funds.
Links Centre for Research and Strategic Studies has received important documents with regard to auction foreign currency in Iraq , issued by the Federal Office of censorship “activity auditing finance and distribution department , ” and sent to the General Secretariat of the Council of Ministers , ” the Public Service Commissions,” and all these documents stating that there are people certain, specific banks are buying and selling and smuggling of currency through them outside the country, and this is of economic corruption that eats away the body of Iraq , exhausted , although he is already suffering a severe economic crisis, and they had delivered the country to borrow money from the IMF to cover expenses.
Member of the Finance Committee in the Parliament , Magda Tamimi talked to channel change / modern street program, a great regret for the currency auction in Iraq , indicating it is the only country in the region to sell the dollar through a public auction, and this has a negative impact on the economy, because most of the revenues oil goes abroad via imports phantom “, the Finance Committee in the parliament and is a staunch opponent to the survival of the currency auction, tried in several ways to cancel, through the deployment chairman of the Committee many documents that confirm the existence of a corruption job auction , which is being coordinated with the political parties, banks and private companies and fake , but all these attempts did not lead to the repeal,
The Commission cautioned that “auction currency drain of hard currency; because it acts fake being especially that of Jean economy, finance and integrity in Parliament in addition to the Integrity Commission did not discover any file corruption in the auction the work of his conception of the authorities responsible for it. It actually shows that there is a big political names involved him and a protector of itself through its political influence, “pointing out that” people who talk about the currency auction in the media had received numerous threats.
State sales of foreign currency amounted to (dollar) 1/10 / 2003- 11/10/2016 Four hundred and eight billion eight hundred and seventy – five (408.875) million dollars, with the aim of imports to the country ‘s needs for investment and economic development, according to the books and official documents cited by Tamimi … but the truth is that the actual imports ratio does not constitute even 15% this means if we calculate the amounts sold in the alleged auction to the rate of real imports, we find that it is equal to 61.3 (billion dollars) , then we get to an important question, which is : Where did the difference between the currency sold and the value of imports and the actual value of the difference amounting to 347 billion dollars ?? Wayne disappeared these billions, who is responsible for that? Who are the real mafias behind the auction ?? There are people who number in single digits manipulating the value of the dollar and these mafias the powerful working in organized crime and have control over certain banks, and these banks have a transfer companies this way run away money outside Iraq several names and several companies, but the truth belonging to certain people.
The reports revealed that some of the documents the prevailing Committee (p. 1-12) for the Council of Ministers / Public Service Commissions audited binders own hearings dollar auction at the Central Bank of Iraq in 2010, shows the following:
Check binders according to the instructions and circulars and publications available to the Committee.
The number of sessions for the auction of foreign currency 242 a session during the year.
The central bank’s total sales reached the stated dollar during the year 2010 (thirty six billion dollars and two hundred and sixty two million and thirty thousand (36,260,032) dollars, spread over two
(Cash sale) and 2,193,797 worth two billion, one hundred and ninety-three million seven hundred and ninety seven thousand dollars.
Sales by remittances, worth 34,066,735 (Thirty-four billion sixty six million seven hundred and thirty-five thousand dollars).
Indicators that have been monitored in the same report .. out of the 242 session of the auction of foreign currency conducted 212 just means that there are 30 missing a session, were not calculated the additional expenses incurred on the banks by the central bank , worth 10 dinars Iraqi per dollar on the amounts sold for cash at auction dollar, and dollar – buying orders from the currency auction is presented on the day of the auction itself, and this is contrary to the book CBI / General Directorate of control over foreign exchange, it is not attached to my analysis of the amounts that have been purchased from the auction by some of the banks in favor of the banking companies revealed and remittance companies and offices of banks and banking this is contrary, not to internal control is completed through the Central Bank / Commission buying and selling currency receiving requests (Ward) , but is a direct receipt by the Commission.
And do some remittance companies, banking , dollar – buying from the auction of the currency by more than one bank for the same per session, and the signing of the minutes of the Committee on the buying and selling by the Chairman of the Executive Committee only instead of the rest of the members of this violation, repeating the names of customers by more than a bank to buy the currency to people themselves, at the same meeting to avoid providing commercial list fundamentalist and a clearance issued by the General Administration of taxation, and the lack of paperwork , such as attaching a photocopy of your passport with foreign currency auction of the cash sale by some banks transactions and this is also contrary, do not install Committee of buying and selling is a ( not a treatment only after making sure the balance on the part of the bank ) on the sale and purchase of the coin form.
Contrary to the instructions also the Executive Committee for buying and selling the currency to convert amounts for the benefit of customers of some banks, and the exclusion of the Commission Some banks , such as Secretary Exchange Company Financial and conversion that provided cash purchase by Rasheed Bank request of $ (50,000) fifty thousand dollars under the pretext of lack of analytical detection and after checking discovered the existence of the required disclosure!, and facilitate the work of other reasons are not clear , although it is updated legal papers, and did not give an account of analytical according to the sidelines is installed on the purchase treated like companies Committee (United financial convertible, anecdotes banking, Saba banking)! , North Bank did not provide a commercial list fundamentalist own customer (Hussein Salim Hussein) and this also contrary, the fact that some banks procuring pledges in writing of their customers , rather than documents, and proved statements Analytical he was bidding farewell to some of the amounts in cash and amounts exceeding (10,000) ten thousand dollars and this what he has done a bank ( the rational and United ), through the audit noticed a flood exchange company to purchase through the United Bank for investment for the benefit of companies and people (legal persons ) which is not Hakiqin members and this is contrary, payment is not required to install the purchase does not record or in writing , as did supplier company banking and this is contrary, and we noticed in some forms absence of seals on requests for sales and purchases submitted to the Commission, and not to attach approval issued by the Bank of Baghdad within enclosures Order Sticky him that the information contained in the statements are correct and customers mentioned are known according to the principle known customer, the company ( Iraqna financial convertible ) offering to buy the dollar requests by some banks related Bastiradat belong to (government departments) and everything said is contrary … that the difference between the dollar , which sells for central bank rate (1089) dinars, and sold at market price (1310) dinars, and this difference in resale value and increased purchase of speculators buying and thus increasing demand and rising prices as an inevitable result of that.
Despite the clear knowledge of the suspected bank policy , management and disposition of deposits of customers (such as the Middle Bank East, Huda, the country ‘s north) , but it was still present in the auction, it indicated the document from the Iraqi Central Bank / reporting money / Audit Department laundering investigation Issue Number: 2 Date 7 Office / 4/2015 to the presidency of the prosecution Am- Department prosecutor that the Bureau noted through the data and information of internal transfers from the Rafidain Bank through a system of payments to promote balance analysis Huda Bank (joint stock company) to participate in the sale and purchase of foreign currency in the current account window at the Central Bank Iraq , where remittances amounted to 1,543,212 (Trliuna five hundred and forty – three billion and two hundred and twelve million dinars for the period from 02.02.2014 up to 06.20.2014 with the show that the volume of foreign remittances executing the above limits of 1,802 (one billion, eight hundred and two million) has been taking a number of measures and steps of the anti – money Laundering Act No. 93 of 2004 , the office has not been able to get any clear explanation on the sources and the safety of the money and hand to convert.
This indicated the document from the Finance Committee to the President of the Integrity Commission
The theme of irregularities and corruption in the currency auction in the history of 11.10.2015 number (740) , one of the banks that practice such violations and crimes committed by a group of banks and their owners, including the Bank of Huda, where suggest that the details: There are three documents belonging to the bank, namely: document its purchases of the Central Bank for the purpose of import, and a document from the Registrar of companies show that most companies are not registered to suggest irregularities and fraud of this process, and a document from the Registrar of companies show that the founders of the good company of the financial transfer, including Mr. Hamad Yasser Mohsen is the person who runs Huda Bank has shares , which , as the Central Bank to transfer purchases Bank Huda The ( 6,455,660,368 ) ( six billion, four hundred and fifty – five million, six hundred and sixty – six thousand , three hundred and sixty – eight dollars a) to Jordan ‘s Housing Bank during the years 2012.2013, 2014 and the first part of 2015 was register for an account Three companies are: good financial transfer, and financial Hrkharacna convertible, Inc. Almahj financial convertible. Upon investigation it became clear that Mr. Yasser Hamad Mohsen dollar bought from the central bank with false documents and turned it into owned and acting out a full company.
The registration of hundreds of businesses that do not have a headquarters or staff and the goal of these companies that from which to implement the money laundering offenses and thus be able to open accounts for these companies in several banks, this was disclosed by a member of the Economic Committee MP Haitham al – Jubouri, referring to send (15 ) fifteen thousand bill buy currency forged to the judiciary and stressed that a large number of companies that have transformed them money and fake while calling for the formation of a competent financial courts of financial matters to the instructions of the Central Bank of Iraq and the negative side , the other on the Iraqi dinar in the currency auction, is to increase the demand for dollar at the auction will lead to a high price; and thus lower the value of the Iraqi dinar, and that means low purchasing value of the dinar, and led the political and security conditions an important role in the lack of confidence in dinars as demand for the dollar larger precaution increased for the future and all this weakens the value of the Iraqi dinar.
The Iraqi economy is not in isolation from the world economic movement, as the US Federal Bank, a global regulatory institutions for the movement of the dollar, which could determine the direction of money and ways washed the face of warnings to the Iraqi Central Bank administration over the effectiveness of local laws towards big waste of foreign currency “, in while the central bank is the subject of an auction of modern currency taboo, except to issue statements from time to time it describes some of the outstanding issues.
Failure to resolve the thousands of files of corruption by the Iraqi judiciary and the process of recycling the corrupt ministries who take on the management of ministries and of the joints (parties and politicians) refers to the existence of a tacit agreement between them for the survival of an ongoing corruption system that is compatible with their interests. According to a document-oriented dated 10/08/2015 of the Chairman of the Finance Committee to the President of the House of Representatives, and Minister of Finance, and the Integrity Committee that the issue of auction of foreign currency is very dangerous because the Iraqi Central Bank resorted to selling the dollar from the bank reserves after it became entered Iraq from dollar sales oil less than a dollar sale auctions, and if Alammeraly this vein, the continued foreign currency reserves in Iraq would be endangered, which confirms that the absence of state power and the absence of economic policy that spawned corruption.