Lack of confidence behind the hoarding of citizens for their money in homes ..saash «Central» cause

Lack of confidence behind the hoarding of citizens for their money in homes ..saash «Central» cause the depletion of hard currency and questions about the decline in reserve

Last updated 2017/09/19 | 7:35

Observer Alaraca- Mushtaq Hasnawi

Iraqi Central Bank's comments raised that the available cash is not available, many questions about the central policy, which is the cause of the loss of more than $ 40 billion in cash reserves due to the currency auction, which is one of the pillars of corruption in the central bank, which is behind the loss of billions of dollars to import goods and goods is important, as the central bank administration violated the law because of providing huge loans to the government, it said the internal government source that religion 99% due to the Central Bank, as the central bank's policy in attracting money compacta among citizens is extremely difficult because of the lack of The presence of confidence A between citizens and government banks because of the standard routine in those banks, making citizens Ictnzn their money in their homes, while the Parliamentary Finance Committee of the Central Bank accused the loss of more than half of the reserve due to the central bank auction, which was described as a hotbed of corruption, which is responsible for the loss and the smuggling of money ... Decreasing cash reserve so quickly indicates a defect in the management of the funds deposited in the Central Bank, but the loss of that money so quickly come against the backdrop of speculation in the currency market selling at auction for the dollar on the government to reconsider selling the dollar and find a way to make up the shortfall in Allen D. Specialists believe that the government should stop borrowing from the central bank because it would lead to the collapse of the dinar because of the lack of financial cover of hard currency.

Economic expert , Dr. Abdul - Rahman al - Mashhadani said in a conversation with (Iraqi observer): cash reserve continued to state and not to the government and the law of the bank is required not to manipulate the government reserve, but what happened to the contrary, the government borrowed from the central bank 's huge money , a clear violation, and the auction It would embarrass the central bank from the reserve side due to loans granted and the other section of the auction currency and the rest is found in other banks deposits. He said al - Mashhadani: increased demand for the dollar is due to the presence of mafias are buying everything that is displayed from this hard currency and smuggled out of Iraq under the phantom of import cover and follower of the movement of import and quantities of goods entering Iraq finds that there is a large gap between the amounts of the huge amounts coming out of Iraq and the quantities of goods and goods entering him.

For his part, says economist Jassem Ugaili in contact with (Iraqi Controller): Try the central bank to attract money compactum the citizen does not succeed because of the lack of confidence between the parties, as well as routine practice in those banks , which has impacted negatively on the size of the deposits of those government banks. He continued: central bank reserves dropped from $ 88 billion to 67 billion, and continued the decline that this year reached $ 43 billion, a decline of up to $ 45 billion and the rate of decline in the equivalent of nine billion dollars a year and is supposed to work on how to increase the cash reserve of currency difficult by investing part in development projects that are not operational expenses as it gets now.

Furthermore, the parliamentary Finance Committee revealed that the financial estimates point to a $ 45 billion deposited in the Central Bank of Iraq as a cash reserve after he arrived in 2014 to $ 77 billion , and this is very dangerous indicator. The committee member Ahmed warned parenchyma in a press statement from the repercussions of the continued sale of the dollar in the currency market of the cash reserves of the Central Bank , because those policies have caused depletion of hard currency.