The Iraqi economy ---- to IN ?!

Abdul Jabbarnouri
06/07/2018
Readings:

That financial and administrative corruption is a social, political and economic corruption that is one of the greatest challenges facing our modern world. It undermines good governance, distorts public policy, destroys the foundations of the public sector, undermines the private sector, and damages the poor classes. The level of public order, and corruption has an eloquent effect on the increase in violence, and Iraq tops the list of global corruption, according to the international index of the most corrupt countries are: Iraq, Venezuela, North Korea, Libya, Sudan, Yemen, Afghanistan and Syria, By Tronsparency International

The "foreign currency auction" of the US Bremerian invasion of the occupiers was specifically implemented in 2004 by the Central Bank of Iraq, which is a new form of economic corruption linked to the umbilical cord with the money laundering in Iraq, the currency auction in Iraq has become a means of smuggling money from Iraq has lost Was wasted $ 312 billion from 2004 to 2014, which is the proceeds of Iraqi oil, the power of access in 2040, which was pumped by the Iraqi Central Bank to markets and was transferred to abroad, which is not insignificant when the Iraqi economy suffers paralysis due to the depletion of the war and the decline of the price of barrels of Crude oil and resorting to borrowing from international banks and mortgage the future of future generations of sovereign guarantees and yield to the arbitrary conditions of the International Monetary Fund.

What is a currency auction? It is possible to clarify the term as follows: For example, if one of the banks bought 10 million dollars at the exchange rate of the dollar 4-118 Iraqi dinars for the banks and these banks sell it at a price of 5-125 Iraqi dinars, the profit of 71 dinars per dollar will become 710 million Iraqi dinars Which is equivalent to 600 thousand dollars for that day and within one year the bank wins (200) million dollars, noting that more than 65% of receipts and coupons (forged) or register the names of ordinary people with Iraqi passports even if they did not buy any dollars, and lose the Iraqi economy 3 Billion dollars a year in favor of the causes of the smuggling of public funds unjustified and irresponsible, Faka It is worth knowing that the process of auctioning foreign currency in the Central Bank of Iraq is linked to banks belonging to political parties funded by their parties and militias in the sale of foreign currency and gold bullion where the Central Bank sells 180 million dollars daily, and failed attempts Many loyal politicians - a few - to cancel the auction of currency applied by the Central Bank of Iraq after $ 180 million a day, but their attempts failed to intersect with the corruption of the organization supported by militias and armed parties and The Central Bank announced that the inspection of invoices is not the specialty of the bank but the jurisdiction of the Department of Economic Crime of the Ministry of the Interior, and that these financial parasites would not have amounted to financial empires had it not for the climate of the Iraqi corruption for the period after 2003, and was not Has existed since the establishment of the Iraqi state in 1921 until April 9, 2003, which witnessed Iraq after the American occupation of him, and in the light of this corruption and looting of public money was not surprising to classify Iraq for two consecutive years in the forefront of the most corrupt countries and showed its satisfactory consequences on the Iraqi entity Zell originally: These are some of the negative repercussions that appeared on the fundamental, economic, social and cultural life:

- The disruption of the economic situation, which directly affects the political situation.

- Exchange rate fluctuation.

- The subordination of the Iraqi economy to the unilateral fluctuations and speculation of the domestic market.

- The depletion of the reserves of the Central Bank of hard currency and gold bullion, which in turn affects the exchange of local currency.

- The central bank reserves in 2009 fell to 35%.

- Loss of independence of the Central Bank of Iraq.

- We widen the gap between the official exchange rate and the market price.

- Unemployment is 39% and poverty is 40%.

- Balance of payments deficit and then a decrease in production capacity.

- The growth and spread of corruption and theft of public funds and weak social ties.

- The growing phenomenon of money laundering.

The financial resources in Iraq have deteriorated since 2014 and are continuing now that followed the global financial crisis and affected by Iraq in 2008. The Iraqi budget deficit continued to reach a catastrophic figure exceeding 111 billion dollars and the figure was reduced to 37 billion dollars After the Paris Club debtors' write-off of those debts was 80%.

It is impossible that the regulators, which are the piles of integrity and the bureau of financial control and the offices of the public inspectors, can stand against corruption because these regulators are in dire need of providing security and political support to them, and because some of these political leaders are under the pressure of internal and external, regional and international.

Margins and Sources / D-Ali Mirza - Use of reserves in non-employment / Samir Shaaban - money laundering crime 2016 / Ayman Mahmoud - Global financial crises.

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