Auction currency between economic feasibility and corruption suspicions

2017-12-05 at 12:10 (Baghdad time)


Special Mawazine News
Many question marks are raised about the current currency auction at the CBI, what is its usefulness to the Iraqi economy, how is the auction process and what is the fact that the wealth of workers and speculators in this big stock exchange and the suspicion surrounding it?
The legal expert in the name of Antoine, "The auction of currencysold daily in the Central Bank of 150 160 dollars, and that these funds do not all go to the issues of production and import," pointing out that "many corrupt make fun of these amounts for illegal purposes such as money laundering and smuggling" .
Antoine said in an interview with Mawazine News that he would prefer to be given imports in accordance with documentary credits and according to an investment platform, and put the funds in the allocated places. He pointed out that the price sold in the market is about 60 dinars per dollar, 50 million dollars. "
According to the legal expert, "the difference obtained from these funds is not in the interest of the citizen, but benefit from a certain class of banks and others, so it causes the loss of a lot of money."
The spokesman for the Central Bank of Iraq, Acer Jabbar, that "the window selling foreign currency came in a timely and emergency because Iraq does not have income from the dollar."
"The dollar comes to Iraq only through the sale of oil through the oil marketing company Sumo and these dollars are reflected on the Ministry of Finance, which does not need the dollar significantly, because the expenses of the state is the Iraqi dinar."
"These dollars go to the central bank and replace it with the Iraqi dinar according to the mechanisms and accurate calculations, and this dollar goes part of it to the window selling the currency and the other part goes to the reserve."
Jabbar pointed out that "what goes to the window selling the currency to cover the requests of customers because traders can not import only through the dollar, usually in most countries the dollar is a trader in the market," but "but the task of feeding the customer in hard currency is the task of the bank Central ".
The official spokesman explained that "the central bank after the customer comes and has official documents of customs and tax on imported goods, we feed him in dollars," noting that "the process of controlling corruption and forgery is not the competence of the central bank alone, because this is the task of other outlets Border, customs and tax ".
"The United States today tried to control the dollar, and the world was amazed that it had gold, so the price of the dollar rose, and countries started to buy it," said Jamila Mohammed, a member of the House of Representatives' Economics and Investment Committee.
"The monetary policy in Iraq is covered by corruption, as is the case with other state institutions," Mohammed told Mawazine News.