The Central Bank is silent” .. Economists diagnose “disasters” in the currency auction, and beneficiaries: inaccurate
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The Central Bank is silent” .. Economists diagnose “disasters” in the currency auction, and beneficiaries: inaccurate
Admin Tue Aug 16, 2022 11:19 am
The Central Bank is silent” .. Economists diagnose “disasters” in the currency auction, and beneficiaries: inaccurate
16th August, 2022Economists criticized the continuation of the “currency sale auction” from the Central Bank with “the continuation of the state” and the failure to set a timetable for its stopping, and while they indicated that Gulf investors and foreign countries benefited from this auction instead of the Iraqis themselves, an official in one of the beneficiary banks described This statement is "inaccurate", with the Central Bank currently refraining from responding.
According to a number of experts and specialists in financial policy, these profits that private banks obtain from currency auctions make these banks in need of their main duty, which is credit, which is almost non-existent in most of these banking institutions, which, according to specialists, seem to live on currency auctions.
Coin smuggling auction
Financial expert Hilal Al-Tahan said in an interview with Shafaq News Agency that "there is no auction in any country in the world that continues for many years in this way," noting that "the auction, if it takes place, is for a limited period and in a specific circumstance and ends with the end of the period and circumstance, not to continue with the continued existence of the state."
Al-Tahhan added that “most of the dollars that the bank sells to merchants through banks, which is supposed to be dedicated to importing foodstuffs and commodities, is not the same value that comes through customs and by a wide difference, which indicates the existence of smuggling of hard currency abroad and there is endless and rooted corruption. He asserted that "there are no solutions to stop this corruption, and therefore smuggling has become a normal issue."
Banks live on auctions
For his part, the economic expert Habib Hassan said in an interview with Shafaq News Agency, "Most of the private banks in Iraq were opened jointly with investors from the Gulf countries and foreign countries, who used to auction the bank to get profits instead of doing their credit work of depositing, withdrawing and granting investment loans that return economically beneficial and moving the economic wheel in the country.”
Hassan points out that “most of these banks do not have customers from the general public, and we do not see there are auditors who enter these banks except rarely,” stressing that “the auction that the bank is conducting is nothing but a front for currency smuggling and benefiting from it to obtain imaginary profits by these banks with documents.” Forged documents presented to the bank as documents for importing goods.
'Banking disasters'
Member of the Parliamentary Integrity Committee, Representative Alia Nassif, confirms in a statement received by Shafaq News Agency, "The series (banking disasters), the details of which are currently being revealed, the latest of which is that the Central Bank granted (boys) banks more than 321 billion dinars is part of the corruption series that began in the currency auction, indicating that if the supervisory and executive authorities had taken the necessary measures against the corrupt currency speculators who were protected from the priests, they would have saved the Iraqi economy and provided the state treasury with millions of dollars looted by them.
We meet the imports
The international expert and advisor to the National Bank of the South, Hisham Al-Shamali, said in an interview with Shafak News Agency, "What is said that private banks live on the Central Bank auction is inaccurate," noting that "the banks meet the needs of foreign imports through the bank auction."
Al-Shamali added that "the banks have the financial ability to carry out their credit duties and have many loans," noting that "the settlement of salaries for state employees will enable banks to grant loans to this category because it will guarantee the return of loans by deducting part of the salary that is domiciled with them by the employee without any problems. to remember".
Some discussed the existence of suspicions of corruption in the initiatives undertaken by the Central Bank to develop the economic process in the country and the currency auction through some banks benefiting from the funds of the Bank’s initiative of 1 trillion dinars for projects and using them to buy dollars through the auction for the purpose of benefiting instead of the stated goal of these funds. Shafak News Agency inquired from the Central Bank about these allegations, but the Central Bank did not respond until the moment of writing the report, and only said that it "will see them."
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