Bastions of corruption: Auction currency in Iraq model

Bastions of corruption: Auction currency in Iraq model

Posted 30/10/2016 03:41 PM

Only in Iraq !! No voice is louder than corruption, and there is no word more popular among Iraqis elsewhere , It has become the focus of everyone’s attention, especially with the spread of international and local documents, to wake up the Iraqis who are tired of killing, displacement and poverty, the largest systematic corruption in history, and of course simple and no one else pays the bill at the end of the citizen.
We’re going to talk, which we began in a previous article about the currency by the Central Bank of Iraq auction, The importance of this auction stems from being an auction for the exchange of foreign currency in Iraq to cover large expenses to support Iraq’s foreign trade and the other hand to help him on a partial withdrawal of local currency markets to help maintain on specific levels of inflation.

Days before the Iraqi Central Bank announced its decision to deny three private banks and 99 banking company from entering sell the currency window, for violating the laws and regulations on the purchase and sale of foreign currency. It is of course information we’ve published a number of articles and reports on corruption within the corridors of the currency auction, and views of influential figures do not care about the law or regulations.
Many of the documents revealed the largest corruption ports that leaked $ 312 billion through auctions of the Central Bank to sell the currency through fake invoices .. It seems that these documents there will be daily turn of events experienced by Iraq, and because of the evidence of the involvement of figures in the processes of corruption, and recently revealed the Minister of Finance Hoshiyar Zebari, during an earlier television interview for converting an amount of six billion, four hundred and fifty million dollars to account Hamad Yasser Mohsen al-Moussawi, the owner of Bank of Huda, has sources indicated that the amount transferred more than nine billion and has been converted from Hamad al-Moussawi.
The central bank publish a copy of the letter to the sender of the Integrity Committee Algnapeh, and he declared for the lack of any transfer of $ 6 billion and $ 455 million outside Iraq to account Moussawi.
That makes it easier for these people who play with money Iraqis work, parking personalities in charge behind them, thus the field was available to them and their operations, suspicious, and here we mention reports that former Prime Minister Nuri al-Maliki to stop behind characters like; Hamad al-Moussawi, which had a long history at the central bank operations and money laundering, and sources indicated Maliki defend the innocence of al-Musawi, who is one of the closest merchants Menh, who is also one of the arms of Almaliki, to close all the files of corruption that could topple the big heads.
In the same context, he revealed the parliamentary finance committee member Majda al-Tamimi that banks managers benefit from currency auction of the Central Bank of the value range between 300 to 400 million dollars a month.
She pointed out that «the state reserves of foreign currency has greatly decreased as a result of leakage of funds to the pockets of their recipe Balvasudain» In addition to the presence of 20 defendants in these cases, some degree Bank Chairman.
As himself links Centre for Research and Strategic Studies in a previous article detects a meeting of a number of banks and banking employers in Baghdad about the dollar and the need to reduce its price on the black market, and Hdoa issued a decision to limit the auction a limited number of banks.
As is well known, “it is the security of the penalty offended literature” lost whales auction threatened to issue a decision to limit the auction a limited number of banks, some of whom said they were able to in all aspects of the state control, and the price of the dollar and they reject the dollar sell the asset in their accounts abroad.
Delve into the subject of the currency auction complex and precise, as a result of providing the necessary cover by a sensitive positions in Iraq figures, and it shows through the money that has smuggled in the currency auction, which was estimated at 57% of oil imports since 2006 size, while talking reports smuggling of nearly 200 billion dollars from Iraq to other countries between 2005 and 2014.okzlk talked earlier reports that the central bank in 2009 sold 92%, which entered the country from oil imports. ”
The Iraqi central bank sold more than $ 44 billion in foreign currency auction in 2015, according to statistics published by the bank that the quantity sold to banks amounted to 44 billion and 303 000 799 thousand and $ 966.
We pointed out that Iraq’s debt is today about 77% of GDP, while natural not exceed 60% of GDP, which is an abnormal situation and worrying. Lovers of this case Iraqi debt growth has become a large and Pat Iraq being to countries and donor financial institutions like the World Bank and the IMF industrialized nations seven, currently discussing with Britain to borrow $ 13 billion. However, the current policy has not changed Vomwal people steal by selling the currency in force until the Today.
The economists indicates that the Iraqi borrowing exceeded $ 100 billion, a very large number in a dark tunnel and enter the country because if the interest rate of 2% per year, Iraq will pay $ 2 billion.
Suspicious transactions that took place over the currency auction wasted huge amounts of the capabilities of the Iraqi people, as I have talked reports of wasting billions of dollars by Iraqi officials between 2008 and 2014, during the reign of al-Maliki, who has seen his tenure as prime minister, the biggest corruption in Iraq’s history, however, there was no punishment or account.
While the Parliamentary Commission of Economy announced that the bank presented an appeal to the Federal Court to clear the auction at 75 million dollars a day in the budget, which led to cover the merchant need of hard currency on the black market.
The dollar exchange rate in the Iraqi market attests to a continuous rise despite central bank measures to maintain stability; During the past two months, Iraqi market has seen a gradual rise in the dollar’s exchange rate against the dinar, is currently up to 1300 dinars to the dollar.
The banking sector in Iraq need to re-review and revealing, it has witnessed the sector suspicious operations of hundreds of billions of dollars, in addition to that he has become a hotbed for some politicians and corrupt and needed today to find strict legislation deters tempted to prejudice Bakot the Iraqi people and the wealth of the country, and put in place mechanisms to check the invoices Health and make sure the customer’s account and the fact that the required amounts Do covering imports by the private sector or for other reasons.
Iraqi citizen has been suffering from this corruption, which came on everything and everybody, and even with the government’s attempt to facing this great genie is still a torrent of corruption tremendously not stand in his way thing, thus exploded the street and out of thousands of Iraqis took to the streets, demanding the “cleansing” of state institutions of corruption , but it’s the size of a large corruption and his family, however, continued reports revealing the extent of the disaster that befell Mesopotamia looted its resources and capabilities lost and divided among a bunch of thieves.
The builder of the renaissance of Singapore Lee Kuan Yew had to say ” when thieves walking in the streets are safe , there are two reasons:” Either the system a great thief or stupid people , the largest , ” is still corrupt practice operations scheduled theft over the office and their relationships , and the sight government. .. While the spread phenomenon of begging in the heart of the capital Baghdad because of the deteriorating economic situation in Iraq, while Pat auction currency at the Central Bank of Iraq a big feast and money laundering and the smuggling of the dollar abroad, and here is the responsibility of both the government and the people is very large and fast action to save what can be saved before it is applied to Iraq adage “widened the breach Alratq ” (strikes at the corruption and could not fix).

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