A new term Atdoual Iraqi banks and earns "millions" during hours without paying one penny

A new term Atdoual Iraqi banks and earns "millions" during hours without paying one penny

20-12-2017 02:01 PM

Baghdad News -

Flyer instruments in Iraq seemed a way for those who do not have the money to get several million dollars in a few hours, how can this be? What is the pilot of the instrument?

The so - called instrument pilot is an Iraqi expression of a 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 Draft) at the global level, but where the manipulation ? If this treatment does correct also occur in other countries or other regions of the world? But it did not occur in other countries , why should happen in Iraq?

The answer is very brief, that this can not happen in any other country in the world is not Iraq , and for two main reasons: The first reason wasting money in Iraq policy, amounting to about 100 million dollars per day and is continuing the policy of offloaded central bank reserve during the two - year period where it will collapse then the Iraqi dinar and the collapse of the Iraqi economy,

the second reason is empowerment policy for the theft of money and the rate of five to six million dollars per day of the auction, and this figure will double significantly higher the difference between the sale price of the dollar by the bank and the price of the dollar in the market (parallel price), and the instrument The pilot is a way in which a person who does not have money from the robbery rather than theft of people who own big money can! How can this be?

The central bank sells per day between 100 million to 200 million dollars, if the person wanted to buy, for example , (20) million dollars Fmanah it needs to pay about 24 billion dinars at the rate of the dollar is equal to 1250 dinars, and this the amount of hard brought cash to the large size and the difficulty of his promise with other logistical difficulties, so does this person to issue a certified check by the Rafidain Bank, for example , increased by 24 billion dinars , which takes this is called pAL (instrument pilot) and deliver him to the Central Bank receives off ( 20) million, in contrast , it turns the $ 24 billion dinars from his account at the Rafidain Bank to the bank account of The central depending on the instrument authority (instrument pilot) , who handed the central bank; this is a normal situation without fraud or theft, but in the case of fraud Volomr are as follows:

the Rafidain Bank, for example , by issuing a certified instrument (instrument pilot) of $ (24) billion fake dinars without the presence of any amount in person swindler account and that the agreement between the manager and some staff of the Rafidain Bank and the person crook, gives this person a crook this authority of the Central Bank of the instrument and takes off the amount of 20 million dollars, and then discharge this amount in the market every dollar b (1300) dinars at the price of the day, an increase of 26 billion, then put 24 billion dinars in SABB 's central bank Rafidain Bank, remains has a profit by 2 billion dinars within hours, if repeated this person this process every day it gets a profit by $ 50 million in one month, so be theft.

Serious mafias financial emerged after 2004 to obtain funds in millions of dollars from the central bank auction through what is known as the instruments of volatile, these mafias formed from people who do not have the money to get illegal profits may not exceed obtained only for a few hours of colluding with banks to enter the auction currency through the central illusion of the existence of commercial imports.

A member of the Finance Committee in the House of Representatives Masood Haider in a press statement, 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 central bank and the market in order to profit millions of dollars ', noting that' then 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. "

Haider said 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 profits through labor auction'.

He said Haidar, that ' a lot of people have benefited from the gap in the banking system in Iraq , and they won millions and became wealthy', adding that 'these people themselves participate auctions and profits, and therefore , what they get from the money is haram'.

Flyer instruments affect the currency 's stability

and said the former economist at the central bank on behalf of Abdul Hadi in a press statement that ' the daily speculation carried out by traders across the volatile instruments affect the stability of the currency rate and the size of the cash reserves of foreign currency because the bank will cover the needs of Iraq Foreign trade, but these speculators use these reserves for the purpose of profit '.

Shows Abdul Hadi that 'volatile instruments often traders or banks used to buy foreign currency through the deposit amounts for a limited period in the account and then be pulled and sometimes used daily to get a percentage of the purchase of foreign currency through the central bank auction, and therefore, this process does not indicate the efficiency financial customer but get foreign currency for a profit daily and they are usually speculators Estphadon from the price difference between the bank and the market ', pointing out that' sometimes Agaan to tricks and deception and fraud in their documents by changing their names or parent names in order to enter the central bank auction '.

He said Abdul Hadi, the 'salvation of the pilot instruments is to rely on letters of credit for foreign trade and therefore the bank does not give the dollar to traders, but the payment of the value of the goods through an account open bank, and thus , which has a trade , it is the bank pays him through this documentary credit. "

Abdul Hadi said that the 'central bank Environ itself from the corruption that these get by some weak souls, but some officials are pushing to make money through it.'

Electronic clearing solution is the

clearing of electronic is the best solution to eliminate the phenomenon of volatile instruments where he says economic expert on behalf of Jamil Antoine that ' the best solution for the elimination of volatile instruments is through electronic clearing by the central bank can claim the funds for the instrument within seconds and minutes.'

He said Antoine to, that 'Flyer instruments are a kind of circumvent the law that gives the instrument does not possess the balance of which is often the collusion between the person and the bank to postpone the clearing operation of the Central Bank for the purpose of buying the dollar and take advantage of it to sell it again for the purpose of profit'.

He pointed out Antoine to, that 'this process is a kind of fraud on the law and be held accountable by the law as it previously delivered as such instruments , the process is not the balance shall be punished by imprisonment for a term of three years and fined the person three times the amount, but the breakdown of the system and the laws of the country led to it They reflect the economic reality of the Iraqi and random bugs in the banks ', indicating that the ' administrative red tape , political and partisan interference and corruption led to prevent the application of sanctions against violators. "

sassy wrote:So, maybe they should stop the auctions!  

Screwball wrote:

sassy wrote:So, maybe they should stop the auctions!  

Yep and move fully to electronic payments...imf and world bank requirement and wto requirement