Commissions from the sale of private banks .. dollar budget equivalent to a neighboring state
Commissions from the sale of private banks .. dollar budget equivalent to a neighboring state
06/10/2014 (00:01 pm)
Baghdad / Ibrahim Ibrahim
Varied views of MPs and economists about the commission large obtained by private banks through the central bank auction day to sell the dollar, where some criticized the policy of the bank and the method of preference for some private banks and not others, spoke with another on the need to assign these banks to move the investment process in the country. A member of the parliamentary Finance Committee Abdul-Hussein al-Yasiri in an interview for the “long” that “currency auction was established at the time of the former regime to control the significant decline of the dinar against the dollar as the cause of financial and economic crises, but according to specific amounts not to exceed $ 300 million and market needs in a timely manner,”
he added “But after 2003, has worked coalition forces to expand the currency auction through open ports purchasing dollars unconditionally to the citizens what the cause of conversion processes very large sums out of the country and it is a waste of national wealth, great”
and said Yassiri “the need to put controls and selectors New enables companies and individuals from buying the dollar without circumventing the law and not, as is happening now request a passport or a certificate of import and export, and other steps to Atnm vision of economic and financial professional ”
and “the management of the Central Bank of the former is responsible for the decline in the exchange rate of the dinar against the dollar and putting it plans timely and confusing and preference of private banks without other trading millions of dollars a day, ”
and pointed out that “the existence of the phenomenon of intermediaries parasites who work in contravention of the law to reap the profits of a fictional by exploiting loopholes plan for the process of selling the dollar,”
For his part, member of the Committee on Economy and Investment parliamentary Mahma Khalil said in an interview “long”, “The policy of the central bank depends on the basic foundation is to maintain the power of the Iraqi dinar, which is the identity of the country’s economic front of other currencies,”
and added: “The changes internal and external political instability and security contributed significantly to impact on the national economy and in particular the exchange rate of the dinar against the dollar, ”
Khalil said, “Despite the repercussions of developments for the economies of neighboring countries from an economic blockade on Iran to the security situation is not upset in Syria, the central bank could result right policies and good taken to maintain the power of the dinar and the ease of trading by companies and citizens to sustain the economy
and among ” The process of speculative daily by individuals and companies extraneous currency auction led to instability and that is the rise and fall Mphajin caused confusion process traded currency in the local market, ”
and pointed to “the need for banks civil commissions as a result of buying the dollar from the central bank and then sell it to banking companies, to reap the profits of a reasonable need to meet the daily expenses represented cadres functional working has in addition to other services essential to their work, ”
For his part, Ray, an economist Abbas Bahadli in an interview for the “long” that “flopping decisions of the central bank necessarily lead to the emergence of crises disrupt the economic development of the country Since 2005 until now, when initiated a plan to apply the system of financial investment through the interest charged rewarding for banks and private banks have reached 22%. ”
and added: “The damage caused by this procedure, which is the oldest by the central bank over interest from the evidence shifted funds of private banks to the process of buying and selling dollar due to profit big and fast numbers equivalent to the budget of a neighboring country, which led to the stoppage of banking transactions all the other. ”
explained Bahadli “the existence of flaws large in monetary policy of the Central Bank, was to sell the dollar at auction exclusively for domestic banks at a price of 1173 dinars to the imposition of archives own, import goods testimony of origin and settling accounts of tax and other, subject to sell the dollar for the citizen at a price of 1180 dinars. ”
and stressed that “the private banks did not comply with the price of the official selling, and monopolized the dollar, as well as the emergence of mafia money laundering, brokers and monopolists is manipulating the exchange rate by Omzjtha profitability”
and between ” The financial allocation by the central bank, each bank Ahli up a day to 10 million dollars, so the simple calculation have won all Bank amounted to a million dollars per day which led to the reluctance of banks to finance any project, because the interest of the funding of 12% for projects less much of the process of selling the dollar. ”
and expert described these actions as “significant waste of public money and damaging the national economy and is the Honor of funds through monopoly and disrupt the national economy, as well as the stop of strategic projects and infrastructure in the country.”
He was surprised Bahadeli of “lack of seriousness of the competent security agencies economic crime in dealing with such a major issue affecting economic security. ”
The Truth parliamentary matches Development Fund of Iraq revealed, for the sale of the Central Bank about 207 billion dollars is equivalent to 55% of Iraq’s oil revenues during the past six years, and while confirming that those sales were more doubles than you need the local market, they revealed that more than half of those sales went to community banks specific poured purchases in Gulf banks and Jordanian through its acquisition of most of the claims of the Central Bank of hard currency to make a profit obscene Up to 6%, including makes it controls the national economy. ”
accused the General Authority for the North Bank for Finance and Investment, in April of 2013, the central bank not to meet the needs of the Iraqi market of hard currency over the past five months and refer it the responsibility of the private banks, while confirming that Iraq needs to pump nearly The 300 million dollars in the market daily to meet the needs of the currency in when he criticized the central bank remarks promised they attack him and “stems from ignorance and lack of knowledge of monetary policy.”
The Cabinet decided, to request the President of Supreme Audit Abdel Basset Turki functions of the central bank governor Agency Instead former Fed governor Sinan al-Shabibi on charges of issues of financial and administrative corruption in the bank, especially in the sale of the dollar, but nothing has been occurring in the work of the bank and currency auction whereas the exchange rate of the Iraqi dinar a significant decline against the dollar as it jumped from 1170 dinars per dollar In the autumn of 2012 to 1270 dinars to the dollar until now.
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