Parliamentary Economic auction is the central bank «focus» operations corruption Baghdad world

Description of the Iraqi parliamentary Economic Committee member Abdul Salam al-Maliki, the central bank auction to sell the dollar to «focus of operations from which two-thirds of corruption», revealing efforts to stop the auction, which stands behind it window gangs will work with all its strength to continue.

Maliki said in a press statement «the central bank sold to domestic banks since 2006 and until 2014, more than $ 314 billion».

And the recognition by the Secretary-General of the Council of Ministers, who is the current governor of the Central Bank, the only 5 percent of the auction remittances abroad real, and the rest is what is known as the phenomenon of «volatile instruments.»

 And the first to use the term «volatile instruments» former Prime parliamentary finance committee, Ahmed Chalabi, who died a few weeks ago, as it revealed the existence of remittances conducted by the Central Bank for the benefit of community banks billions of dollars, but did not make any goods to Iraq in return ».

Maliki said that his committee seeking to introduce a new item on the federal budget for 2016, required the distribution of 50 percent of state employees and retirees dollar salaries, that are deducted from the bank auction sales.

He pointed out that «the first step followed by process control on the dollar market over the salary stage, then the government banks play to secure the market's needs in full form, what is at the heart of its work, unlike central bank, which is not considered responsible for the open currency market inside it, and there is no country in the world entrusted such a mission to the central bank, which is responsible for monetary policy exclusively, printed currency and replace, and other external tasks ».

He explained that his committee gathering information on the reasons for the low reserves of foreign exchange, which is governed by the central bank in international banks from $ 72 billion to $ 50 billion, which means that there are clouds of these deposits, and the Law on the Bank prevents the government or any other agency of manipulating these precautions to since they cover the coin. »

Chalabi was previously revealed «buy one of the banks from the Central Bank between 2012 and 2015, no less than 8.688 billion dollars, and about that amount to many companies.»

 He attributed this mainly corruption, to «the existence of political parties to put pressure on the central bank to increase provisions for banks at the auction in exchange for money, and there are warrants for the central bank called these politicians of the House of Representatives and the government».

 Chalabi announced that «there are very small amounts of turn out to politicians in Iraq within Iraq, and we hosted the Governor of the Central Bank and its directors four times, and they agree with us and ask them to action, but they do not carry anything.»

And achieves the House of Representatives in the smuggling of about $ 200 billion of Iraq to other countries between 2005 and 2014.

 The parliamentary Finance Committee suggests that the recovery of those funds requires lawsuits to beneficiary countries, revealed intensive meetings to determine the circumstances of the theft.

A member of the parliamentary finance committee Masood Haider, that «the Commission will stand on the reasons for hard currency smuggling out of Iraq, and speculative operations inside the Iraqi market by weak people who seek to destroy the Iraqi economy», pointing out that his committee «will take strict action against them, and will work to bring them to justice to be punished.

» Haider pointed out that the «total hard currency, who fled between the two years was $ 200 billion out of 312 billion».

The fact-finding committee of the Development Fund for Iraq expressed doubt that the financial corruption funds smuggled abroad through remittances to sell the central bank auction.

He defended the governor of the Iraqi Central Bank on the Keywords, for his bank and accused the policy of some non-professionals launched statements about monetary policy and the central work, which was characterized by mostly fallacies and pessimism, either because of the absence of an accurate understanding, intent is the objective, which stems from different motives linked to the political reality and the harassment and interests.

 Keywords He said, in a statement, that the size of inaccuracies and confusion was such that harms the public stability and the stability of the market and the reputation of Iraq externally, with what it means from a serious impact on Iraq financial, monetary and banking transactions.

 He said: «the central working on the application of parallel policy to maintain the overall stability of prices and curb inflation as a primary objective under the law, and at the same time working to maintain reserves prevailing dinar and covered high despite the prevailing economic conditions, and is thus maintained and preserves the purchasing power of the dinar».

He added: «with low dollar resources due to declining oil prices, what precautions are still at a level sufficiently but much higher and according to international criteria, which are the standard of the local currency to cover its equivalent in foreign currency, and the ability of the reserves to cover imports for six months».

The International Monetary Fund predicted earlier this year, the arrival of the cash reserve to 40 Milirdolar end of the year, but the central emphasized keep $ 50 billion in reserve ». And lower bank reserves, Keywords, said: «what happens from low and high in reserves is repeated in countries that rely on exports of oil, and it happened in 2009 when oil prices fell, and then reached the bank sales rate of the dollar to its purchases 148 percent, then He returned to accumulate new reserves after prices returned to high levels. »

And accusing local banks smuggling dollar, he said: «the central bank's role in accordance with the law and the law against money laundering, is to compel banks and financial institutions to apply the principle« Know Your Customer »to verify the sources of funds that enter the process of buying the dollar, and in this regard, the Bank took preventive and deterrent measures will be published soon. »


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