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Flyer instruments" flying $ 40 billion of cash reserves .. Iraqi way of wasting public money


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Flyer instruments" flying $ 40 billion of cash reserves .. Iraqi way of wasting public money

Post by rocky on Sat 24 Mar 2018, 5:37 pm

Flyer instruments" flying $ 40 billion of cash reserves .. Iraqi way of wasting public money

2018/3/24 03:12:03 PM

Iraqi economy rentier economies depend on natural resources due to the overall oil for adoption as it is affected directly and significantly affect global oil prices, in the case of high oil prices, the Iraqi economy is recovering and otherwise lead to significant economic problems.

Because of the low oil prices to unprecedented levels three years ago, the government resorted to the application of the policy of austerity, as the Iraqi economy has suffered from the burden of war on the organization Daesh, and maintained the strength of oil production on the growth rate, but the non-oil economy has seen a sharp contraction. Still 10% of Iraqis suffer displacement and displacement due to the continuing unrest. And it supports the reform efforts undertaken by the Government a large international financing package.

The rampant corruption in most state departments and independent bodies large facing the Iraqi economy challenges, including the hard currency auction at the Central Bank of Iraq, which caused the waste of public money and dwindling cash reserves and dramatically as it still uses a system of "flying instruments", which is in agreement among some staff the central bank and private banks to obtain instruments in order to enter the foreign currency auction, according to experts and specialists.

And "pilot instrument" is an Iraqi expression of pure new treatment banking and properly and universally recognized, Valsk pilot language banks called (instrument certified) in Iraq (or bank check) in the Arab countries or the ( Bank to Draft ) at the global level.

The dollar witnessed the exchange rate of the dinar against a significant decline recently due to increased selling hard currency at the central bank auction rate as sales exceeded $ 250 million per day after it was more than $ 130 million in the past years.

Former Minister of Communications Mohammed Tawfiq Allawi said that "the pilot instruments is an agreement gets between people and employees in private banks to issue instruments free of bank balance the person buying hard currency from the central bank and sell them on the second day or within 4 days or 5 in the market, and when sold It will bring big profits.

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Allawi said in an interview televised that "the financial benefits are too large repaid the amount of the instrument to the bank and then the sharing of benefits between the bank manager and the person and employees."

He noted that he presented two proposals to the central bank to curb corruption are open for the adoption of a special importer or trader who imports his goods to sell in exchange for hard currency or direct payment through the bank to the issuer. "

As an expert in the Financial and Economic Affairs Abdul Hassan Shammari has Cdan "instruments System Flyer is an agreement being among some staff and private banks to obtain instruments in order to grab public money by entering the auction currency and payment will be in two days or more to earn profits illegal."

Al-Shammari said for (and News) that "the currency auction is the cause of the president of corruption in the state, as it aims at the depth of the Iraqi economy and monetary reserves, which seemed to decrease in recent years, reaching $ 36 billion after it was about 76 three years ago, which means that this auction causing the waste of about $ 40 billion over three years only. "

"The problem of the Iraqi economy lies in issuing decisions is emotional well thought out and that affected the Iraqi economy and dramatically."

For his part, stressed the Finance Committee member Ahmed Haji Rashid said, "the pilot instruments system is in place in most countries of the world's global system, but according to the guidelines and conditions," adding that "the Central Bank of the work of this system in 2008 before and after this year, enter a new system called the system (RPG S) is supposed to be dispensed with the pilot system instruments. "

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Rashid said for (and News) that "the work of volatile instruments system is a violation of the law as it affects the monetary reserves of hard currency and lead to a decreasing as the volume of reserves to about $ 46 billion," noting that "the central bank has a policy to sell the dollar as the market needs mechanism". The fellow committee MP Masood Haider, has pointed out that "there are some people, they are in collusion with some banks have deposited their instruments among these banks, which does not have any balance in order to participate in the auction currency, to buy the dollar and sell it within a few hours, taking advantage of the price difference between the Bank central market in order to profit millions of dollars, "noting that" after the central bank within 48 hours, notify the bank to transfer the amount of the instrument to that person before this period rerun without being detected as if the legal process. "

He added that "the issue of volatile instruments only in Iraq, because the banking system is the old," pointing out that "there are officials in the government and private banks with accomplices of these people to get a quick and illegal profit through currency auction."

He noted that "a lot of people have benefited from the gap in the banking system in Iraq, and they won millions and become wealthy," he said. "These people themselves participate auctions and profits, and therefore, what they get from the money is haram," stressing that the "parliament to tighten censorship the largest bank on the auction and the central bank and fill the door to corrupt banks, "pointing out that" the central bank was able to fill this gap two years ago. "

To the detection of an economist, for information that the size of the hard currency transfers out of Iraq amounting to about $ 10 million a day, noting that most of them go to the owners of scholarships or immigrants.

The economist said Abdul Rahman al-Mashhadani, in a press statement, that "Iraq has wasted a big chunk of hard currency through remittances to immigrants or scholarships."

He added that "monitoring currency auction operations show that almost constant sales, more than $ 150 million a day, in return purchases at the auction zero or simple sums."

He said that "90% of auction sales remittances bank to finance imports by the private sector, and the remaining 10% are to banking companies," noting that "15 million dollars a day go direct sales of these individuals is mostly funded by foreign tourism, medical treatment and tourism expenses".

Mashhadani said that "the other part of the money goes to finance the expenses of students on scholarships abroad or reimbursement of individuals who have emigrated or settled abroad for their property sales at home."

And that "the central bank has statistics on these transfers, it may not be real, but discloses more than half the truth," expected to "no less real transfers 10 million dollars a day outside Iraq, whether formal road or informal."

The dollar is sold in hard currency auction first in two ways through international transfers, which represents the conversion to the external accounts of the banks participating in the auction for the purpose of financing the import of the private sector, while the second includes cash sales to banks to finance multiple needs perhaps the most important travel and treatment and other sons of the people's affairs

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