Member of Parliamentary Economy: The currency auction sold $ 300 billion without realizing the benefit
Member of Parliamentary Economy: The currency auction sold $ 300 billion without realizing the benefit
9/7/2020 11:52
[Baghdad_Yain]
A member of the Parliamentary Committee on Economy and Investment, Mazen Al-Faili, stressed the need to review the mechanisms and controls of the currency auction to save public funds from the acquisition of corrupt and stealing public funds.
“The auction window for the sale of hard currency has been a home for depleting hard currency and an incubator for some money laundering practices,” Al-Fili said in a statement.
“Observers and officials estimate that the value of what was sold of the dollar in this auction during the past fifteen years by more than 300 billion dollars – according to the report of the Parliamentary Finance Committee for the third session – most of it came out of Iraq without achieving a noticeable benefit in developing the country’s productive economy “.
And he stated, “With a quick calculation of the losses incurred by the reserve as a result of these practices and speculators and illicit trade brokers benefit from them, if sales are at a rate of (180) million dollars per day and that more than half of them are not used in actual import activity then this means that ninety million dollars per day go to the benefit of the opportunists and in total Profits of nearly two billion dollars annually, which is a very large amount, especially if we know that it was wasted over many years. ”
Al-Fili stressed, “Reviewing the mechanisms and controls of the currency auction is considered a necessary reform requirement to save public funds from the acquisition of corrupt and stealing public money. We suggest a set of procedures:
1- Forming a high-level professional committee empowered to investigate the currency auction activity for previous years and recovering all the funds that it acquired speculators and the powerful in the political scene, which will not be less than 18 billion dollars , according to estimates of observers.
2. restrict the sale of currency difficult restrictions and conditions to ensure product activation of the national economy and meet the needs of the necessary , including citizens and is not true that sold for each of the request.
3. the audit documents It is necessary to transfer and verify that the banks are free of any problems related to their capital, and that this is accomplished before any sale of the hard currency.4-
Control and control the currency market to prevent any discrepancy between the official price and the market price to prevent smuggling and money laundering, and that all intermediate links are held accountable causing the events of this disparity in the two rates.
5. the imposition of customs duties and met traders from importers and tribal way when selling the dollar to prevent manipulation that might happen in reducing those customs or fees Tax at border crossings.
6- It is assumed that the central bank delivers the dollar if the trader presents his commercial lists along with the dollar request.
7- Banks that participate in the currency auction must engage in productive economic activity by supporting private projects, and their business should not be parasitic acquisition of profits from selling the currency only, otherwise it is prohibited from participating in the currency auction.
alliraqnews.com
