Economic security..and banking companies
Economic security..and banking companies
2023-01-06
Rahim Al-Daradji
The US Treasury has given signals to the Central Bank that it will reduce the amount of dollars (cash cash) in the Iraqi market so that it does not reach the smuggling networks. Therefore, today we are witnessing measures to stop the state of chaos that facilitated money laundering operations in Iraq and to stop the work of illegal networks that operate across borders to disrupt the banking system. This was confirmed by the statement of the Central Bank of Iraq on 12/27/2022, when it said we have new mechanisms aimed at protecting the banking sector, protecting customers, and protecting the banking system. As a result of these measures, the Central Bank was subjected to internal pressures, the most important of which are:
1- The decrease in window sales from 250-300 to 100-130 million dollars, and the daily need is close to 180 million dollars and more.
2- The monopoly of some banks to buy dollars through forged bills, and these banks today make astronomical profits from the window of selling the currency, that is, for every million dollars, they earn one hundred million Iraqi dinars
3- The punished banks accused of the crime went to the market to buy the dollar at any price, and their aim was to confuse the market and challenge the government.
4- The existence of shops in the name of banks that do not have development motives, but rather their function is to participate in the currency auction and smuggle it abroad.
5- Not activating economic security and granting powers to withdraw licenses from banks and banks in the event that they violate the official, agreed upon and permitted rate.
6- Transferring money by land “through bags and vehicles… This transfer contributed to increasing the demand in the local markets for the dollar, away from the currency sale window in the Central Bank,
7- The absence of any accountability by the Central Bank of banks and exchange companies that violate the instructions of the Central Bank
It is unfortunate that the state does not have the ability to be held accountable because we have corrupt parties that do not want Iraq to be a state, but rather fight any project that would transform Iraq from a spoiled state into a real state. This includes the weakness of the masses in defending their interests and rights, and the weak sense of responsibility among most cadres and elites. Indeed, there are masses who still support the corrupt and mislead the poor and needy.
Finally, we call on the government to activate the role of economic security and to grant powers to close exchange companies and banks that violate the official rate. We also call on the security authorities to stop the smuggling of currency by land, which is no less important than the smuggling of oil derivatives.
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