Economists: the Central grant the private banks $ 30 million a day

Economists: the Central grant the private banks $ 30 million a day

Monday, 06 August / August 2012 9:12 a.m

Baghdad / Orr News

Detect financial experts that the Central Bank of Iraq provokes crises to disrupt the country’s economic development. And among experts who preferred anonymity, said that “the bank flops its policies since 2005 and even now, when he proceeded to plan the introduction of investment,” Night “by calculating the benefit of rewarding the banks and private banks reached to 22%. ”

Experts pointed out that “the damage caused by this procedure, which was older than the central bank interest him,” and argued that “the investment of funds by private banks is a profitable and rewarding dramatically, which led to the stoppage of all other banking transactions.”

They added that “all transactions stopped the conversion of projects from 2005 until 2009, as well as the financing of construction projects and to support the factories and banking services.” The experts stressed that the Central Bank of the oldest on a surprise move late 2009, they described as “Awakening” late, by rescinding its previous decision to prevent the benefit of the 22% and reduced to only 6%, pushing all the banks and the banks to withdraw their capital.

They noted that the “new decision” sudden “restored life to the banks and flourished where work, having been active banking as a” deposit, withdrawal, funding and support. “The financial experts to citizen defect large in monetary policy of the Central Bank, was that” the Bank began to sell the dollar at auction public exclusively to domestic banks at 1173 dinars with the findings in the imposition of the import of goods as a certificate of origin and settling accounts and other tax, provided the sale price of the dollar to 1180 dinars citizen.

Experts said that the “private banks did not comply with the official selling price, and monopolized the dollar, as well as the emergence of mafia money laundering, middlemen and monopolists of the big heads.” And revealed that “the financial allocation by the Central Bank, each bank every day my family up to $ 10 million, so a simple calculation and the profit of each bank would amount to million dollars in one day.” He attributed the Experts “that led to the reluctance of banks to finance any project, because the interest of the 12% funding for projects less than the process of selling the dollar.” The experts described these actions as “the great waste of public money and damaging the national economy,” adding that “this process is Gusala of funds through the monopoly and the disruption of the national economy, as well as the disruption of strategic projects and infrastructure in the country.” He was astonished that experts from the “lack of seriousness of the security services relevant to economic crime in dealing with such a major issue affecting the economic security.” And financial experts stressed that “this crime take place and unfortunately with the participation of several members of the House of Representatives, taking advantage of their influence and their power to blackmail the Governor of the Central Bank and the owners of banks and financial exploitation of the transactions related to sale of hard currency.”
Source: uragency