A new term that runs through the Iraqi banks and earns you “millions” within hours without paying one fils
A new term that runs through the Iraqi banks and earns you “millions” within hours without paying one fils
20-12-2017 02:01 PM
Baghdad News –
Flying instruments in Iraq seemed to be a way for those who did not have the money to get several million dollars in a few hours. What is the pilot instrument?
The so-called pilot instrument is a new Iraqi expression of correct, sound and internationally recognized banking. The pilot instrument in the language of banks is called the “certified instrument” in Iraq or the “bank check” in the Arab countries or the Bank Draft at the global level, ? If this treatment is correct, does it also occur in other countries or regions of the world? If it does not happen in other countries, why should it happen in Iraq?
The answer is very concise that this can not happen in any other country in the world other than Iraq. There are two main
reasons . The first is the policy of wasting money in Iraq which is about 100 million dollars a day. Where the collapse of the Iraqi dinar and the collapse of the Iraqi economy,
the second reason is the policy of enabling the theft of funds and the rate of five to six million dollars per day of auction days, and this number will be multiplied significantly as the difference between the dollar selling price by the bank and the price of the dollar in the market (Parallel price), and instrument The pilot is a way in which a person who does not have money from the robbery rather than theft of people who own big money can! How can that be?
The central bank sells between 100 million to 200 million dollars per day. If a person wants to buy, for example, 20 million dollars, he means that he needs to pay about 24 billion dinars at a dollar rate of 1250 dinars. The amount is difficult to bring in cash for the large size and difficulty of counting with the existence of other logistical difficulties, so this person to issue an instrument certified by the Rafidain Bank, for example, by (24) billion dinars, which takes this so called (pilot instrument) and handed it to the Central Bank and receive his acceptance ( (20) million dollars, and in turn convert the amount of (24) billion dinars from his account in Rafidain Bank to the bank account Based on the certified instrument (the pilot instrument) handed over to the Central Bank; this is normal without fraud or theft. In case of circumvention, the order is as follows:
Rafidain Bank, for example, issues a certified instrument (pilot instrument) Billion dinars false without any amount in the account of the fraudulent person and the agreement between the director and some employees of the Rafidain Bank and the fraudster, and gives this fraudster this instrument certified to the Central Bank and take the receipt of $ (20) million, and then spend this amount on the market every dollar B (1300) dinars at the price of today, or by (26) billion, and then put (24) billion dinars in SABB ‘s central bank Rafidain Bank, remains has a profit by 2 billion dinars within hours, if repeated this person this process every day it gets a profit by $ 50 million in one month, so be theft.
Serious financial mafias emerged after 2004 to get millions of dollars from the central bank’s auction of so-called flying bonds. These mafias were made up of people who did not have the money to get illegal profits that could only be obtained for a few hours by colluding with banks to enter the currency auction. EAHAM has expressed its presence of commercial imports.
A member of the Finance Committee in the House of Representatives Massoud Haider said in a press statement that ‘there are some people collusion with some banks to deposit sukuk at these banks and he does not have any balance to participate in the auction currency, to buy the dollar and sell within a few hours, Between the Central Bank and the market for the purpose of winning millions of dollars’, indicating that ‘after that the Central Bank within 48 hours notice the bank to transfer the amounts of the instrument to be returned by this person before this period without being revealed as if the process is legal’.
“The issue of flying instruments is only in Iraq because the banking system is old,” he said. “There are officials in state and private banks who are complicit with these people to get quick and illegal profits through the auction.”
“Many people have benefited from the loophole in the banking system in Iraq and have won millions and become rich,” he said. “These people themselves are participating in the auction and profits, so the money they receive is haraam.”
Flyer instruments affect the currency ‘s stability
and said the former economist at the central bank on behalf of Abdul Hadi in a press statement that ‘ the daily speculation carried out by traders across the volatile instruments affect the stability of the currency rate and the size of the cash reserves of foreign currency because the bank will cover the needs of Iraq Foreign trade, but these speculators use these reserves for the purpose of profits’.
“The volatile instruments often used by traders or banks to buy foreign currency through the deposit of funds for a limited period in the account and then are withdrawn and sometimes used daily to get a percentage of the purchase of foreign currency through the auction of the Central Bank, and therefore this process does not indicate the efficiency But they get a foreign currency to get a daily profit and they are usually speculators who benefit from the price difference between the bank and the market ‘, pointing out that’ sometimes resort to tricks and fraud and falsification in their documents by changing their names or names of the mother to enter the auction of the Central Bank ‘.
“The redemption of volatile instruments is to rely on the documentary credits of foreign trade, and therefore the bank does not give the dollar to the merchants, but pays the value of the goods through an account opened by the bank, and therefore who has a trade, the bank pays him through this documentary credit.
Abdel Hadi said that ‘the central bank has protected itself from these corruption, which is obtained by some of the weak souls, but some officials are pressing to make money through it’.
The electronic solution is the solution of
electronic clearing is the best solution to eliminate the phenomenon of volatile instruments, where the economist says the name of Jamil Antoine that ‘the best solution to eliminate the volatile instruments is through electronic clearing, which can the central bank to demand the funds of the instrument in seconds and minutes’.
Antoine pointed out that ‘flying instruments are a kind of circumvention of the law that gives an instrument and does not have a balance in it and often in collusion between the person and the bank to postpone the process of clearing the central bank for the purpose of buying the dollar and benefit from it to sell it again for the purpose of profit’.
Antoine said, “This process is a kind of fraud on the law and is held accountable by the law, where in the past the delivery of such instruments without a balance punishable by imprisonment for three years and fined the person three times the amount, but the breakdown of the system and laws in the country led to that It reflects the Iraqi economic reality and the random imbalance in the banks’, indicating that ‘administrative routine and political and partisan interventions and corruption led to the prevention of the application of sanctions against violators’.
baghdadnews.info
