***********MPs stress drain reserves the central bank auction because of the public .. They accuse the banks of civil fraud

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***********MPs stress drain reserves the central bank auction because of the public .. They accuse the banks of civil fraud

Post  Admin on Sun Aug 12, 2012 12:46 pm

Post Admin Today at 8:04

Newspaper world - 12/08/2012 AD - 11:05 AM

Returned to talk about the conflict between the executive and legislative dependence on the central bank after calls from some MPs to cancel the auction of the Bank, showing how it leads to depletion of millions of dollars a day.

While linking members of the Committee on Economy and Investment parliamentary process high exchange rate of the dinar in the absence of plans and strategies and the mismanagement of the bank and collusion with private banks, said others said the auction process imposed and temporary, and can be replaced now deal direct with the importer after submitting statements import.

Furthermore, financial experts called on the government to not throw Tgosairadtha different bank, because it is responsible for finding alternative outlets for the Iraqi economy is oil, assuring that the ports are no alternative solution.

Did not get the "world" to permit officials of the Central Bank of Iraq, despite repeated attempts.

Salman said Issa, a member of the Committee of Economy and investment representative, said in an interview with "The World" on Saturday, "We were at a time, need to auction the central bank, because the economy has been erratic and concern, but this process has been marred by bugs," adding that "it is possible to cancel the auction and take other routes, such as currency conversion directly to the importer, the Iraqi export license for the adoption of hard currency, no need to drain the banks that caused millions of dollars. "

He said Jesus said "No country in the world have an auction in hard currency now," noting that his committee "demanded previously supervision shared between the executive and legislative branches of the Bank's work, but the Governor of the Bank, and with the support of the President of the House of Representatives rejected it," Abizaid said the "power legislature does not have the mechanism and efficiency needed to control the central bank, because it needs to be specialists in financial management, banking and conversion, "noting that" monetary policy is the responsibility of the central bank, but the fiscal policy set by the authority of the Federal Executive, and there must be a separation between the bank and the executive branch. "

He added that "any error of the Central Bank will impact on the stability of the market and the economy as a whole and lead to the collapse of what we built in previous years," calling for "gradual abolition of the auction process to prevent money laundering."

For his part, rejected by the Commission itself Mahma Khalil cancel the auction, saying that exacerbate the crisis. He said in his speech to "the world" yesterday, "The cancellation of the auction exacerbates the crisis, so you must deal with the subject from all sides," adding that "address the monetary policy is a function of the central bank should coordinate with federal financial, we do not accept the continued abuses The low exchange rate of the dinar. "

Khalil said, "registration violations in the auction, and is caused by the loss of millions of dollars a day," calling on the central bank to "not to give opportunity for the faint of souls seeking to inconsistencies in the auction, as the representative of the Iraqi economy to currency baskets and the secretary on the dinar."

"There are exceeded in times sales, which is more than 300 thousand dollars per day, which comes revenues less than the exchange, so you should not continue at the exchange rate U.S. dollar has the benefit of weak people for speculation and money laundering," vowed "to continue to follow up the matter until the return of dinar exchange rate to normal of 1179 dinars to the dollar. "

Furthermore, carrying member of the Committee of Economy and Investment estrus Abdul-Abbas, "the central bank responsible for waste in money and the great difference between the exchange rate of the dinar in the bank and the exchange on the black market."

The estrus, in an interview with "the world" yesterday, "since more than 9 months, could not the bank to rein in rising dollar, and the mechanisms multi taken were not feasible, evidence of failure," adding, "There are 4 parties are falling short, the Council of Directors of the Bank, Office to Combat Money Laundering, and the public auction, and private banks. "

Estrus and predicted "the presence of the parties taking advantage of the low exchange rate of the dinar against the dollar," pointing to "waste of 8 to 10 million dinars a day."

He explained that "it provides invoices for orders, it is assumed to be a goods and services, but it is not only forged invoices withdraw the dollar to sell on the black market," and accused some of the characters in the bank in collusion with private banks, "as he said, they" know very well that of bills submitted by private banks and Asudunha (EBT) Transfer at the official rate return to sell the dollar on the black market, and this waste of public money. "

He added, "They also know that the bills that made them not borne by the Iraqi market, iron Vfatourh Blinds provide $ 20 million in one bill, but when we asked in the market shows that the largest dealer imports of 500 thousand dollars."

Estrus and criticized the "cut insurance by 2%, while the merchant even if the goods it imports about 10% profit by selling the dollar on the black market."

He continued that "the private banks that offer money orders and fake left of deposit, loans and credit, its official, and headed to the dollar and transfers because he became gets huge profits without any effort," stressing "the existence of banks pampered, tables are provided each month by 500 to 600 million dollars a month, we suspect be associated with the Central Bank, and the fight against money laundering, which does not ask about the source of these transfers. "

He went to say "What is happening is a stamp bills through Commercial Attaché corrupt, and the Chamber of Commerce and Industry in the room of origin and, for information that more bills come from Dubai and Oman by virtue of free trade zones."

"There are arrangement between the banks and merchants and the Central Bank, so that some banks to set up trading companies and dummy," revealing a "waste of about $ 200 million a month."

And procedures for the House of Representatives said the next estrus "may constitute a committee to follow up the work consists of the Central Bank of Economic and Financial Committee and the Presidency of the Council of Representatives after the feast, as it can not be silent on this matter."

Furthermore, it was considered a financial expert Majid picture to talk about closing the auction of the Central Bank as "definitely a trade finance and insurance of goods and materials needed by the citizens," calling on the government to "create economic alternatives for oil."

He said the picture, in an interview with "the world", that "compelling circumstances that made the central bank adopts the auction process itself, because there is no other source of hard currency than oil," noting that "the dollar is sold through the Central Bank in exchange for the dinar to cover business expenses and investment in general. "

"It was supposed from the beginning to find resources other than oil in order to obtain hard currency, or create a private exchange to exchange currency as it happens in other countries to secure the banking needs of hard currency."

He praised the picture, "the actions taken by the Central Bank to protect the dinar, such as the allocation of a sum of the dollar against the travel or medication, study, and maintain the specific amounts allocated to the banks for transfers for the commercial sector," noting that "the central bank follow all legal procedures and others to reduce the leakage of foreign exchange and within the conditions approved by the Constitution to freedom of buying and selling and the private sector. "

He called the picture the government "not to throw Tgosairadtha different bank because he does his duty as the best although there are some shortcomings in its molecules."



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