Integrity Commission hints at foreign banks’ “domination” of currency sales window, moves to limit their powers
Integrity Commission hints at foreign banks’ “domination” of currency sales window, moves to limit their powers
2024-10-24 05:30
Shafaq News/ Member of the Parliamentary Integrity Committee, Vian Dakhil, hinted on Thursday at the “domination” of foreign bank branches over the foreign currency buying and selling window at the Central Bank of Iraq.
Dakhil told Shafaq News Agency, “The committee is currently discussing the issue of financial and monetary policy in the Central Bank, especially after information indicating the dominance of some branches of foreign banks and Iraqi banks over the Iraqi currency market and the window for buying and selling foreign currency.”
She explained that “the Parliamentary Integrity Committee is working on legislating a law that limits the authority of foreign banks and their branches and Iraqi banks that have foreign capital,” indicating that “this limits the huge profits that these banks obtain from Iraq.”
Dakhil pointed out that “there are some foreign banks and foreign capitals that control money transfers in Iraq, and unfortunately all Iraqi money goes to another country.”
Iraqi experts warn of “currency leakage” outside Iraq due to “corruption” in the country’s currency auction.
The Central Bank administration plans to gradually cancel the dollar auction, eventually canceling it completely.
shafaq.com
