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Commissions from the sale of private banks .. dollar budget equivalent to a neighboring state


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Commissions from the sale of private banks .. dollar budget equivalent to a neighboring state

Post by rocky on Tue 10 Jun 2014, 8:00 am

Commissions from the sale of private banks .. dollar budget equivalent to a neighboring state


 Baghdad / Ibrahim Ibrahim

Varied views of MPs and economists about the commission large obtained by private banks through the central bank auction day to sell the dollar, where some criticized the policy of the bank and the method of preference for some private banks and not others, spoke with another on the need to assign these banks to move the investment process in the country. A member of the parliamentary Finance Committee Abdul-Hussein al-Yasiri in an interview for the "long" that "currency auction was established at the time of the former regime to control the significant decline of the dinar against the dollar as the cause of financial and economic crises, but according to specific amounts not to exceed $ 300 million and market needs in a timely manner"

He added: "But after 2003, the coalition has worked to expand the currency auction through open ports purchasing dollars unconditionally to the citizens what the cause of conversion processes are very large sums of money out of the country and it is a waste of national wealth, great"

He Yasiri on "the need to develop new controls and selectors enables businesses and individuals to buy the dollar without circumventing the law and not, as is happening now request a passport or a certificate of import and export, and other steps to Atnm vision for economic and financial professional"

And between "the previous management's central bank is responsible for the decline in the exchange rate of the dinar against the dollar and putting it plans timely and confusing, and a preference for private banks without other trading millions of dollars a day."

He referred to "the existence of the phenomenon of parasitic middlemen who work in contravention of the law to reap profits by exploiting the fictional gaps to plan for the process of selling the dollar"

For his part, member of the Committee on Economy and Investment parliamentary Mahma Khalil in an interview for the "long", "The policy of the central bank depends on the basic foundation is to maintain the power of the Iraqi dinar, which is the country's economic identity in front of other currencies"

"The changes internal and external political and security instability contributed significantly to influence the national economy and in particular the exchange rate of the dinar against the dollar."

Khalil said, "Despite the repercussions of developments for the economies of neighboring countries from an economic blockade on Iran to the security situation is not upset in Syria, the central bank could result right policies and good taken to maintain the power of the dinar and the ease of trading by companies and citizens to sustain the economy

And between "The process of speculative daily by individuals and companies extraneous currency auction led to instability and that is the rise and fall Mphajin process caused confusion trading currency in the local market"

He pointed to "the need for banks as a result of the civil commissions to buy the dollar from the central bank and then sell it to the banking companies, to earn a reasonable profit you need to fill the daily expenses represented functional cadres working in addition to their other services essential to their work"

For his part, Ray, an economist Abbas Bahadli in an interview for the "long" that "flopping decisions of the central bank necessarily lead to the emergence of crises disrupt the economic development of the country since 2005, and even now, when he proceeded to plan a system of financial investment through the interest charged rewarding for banks and private banks reached 22%. "

"The damage caused by this procedure, which is the oldest by the central bank over interest from the evidence shifted funds of private banks to the process of buying and selling the dollar due to profit big and fast numbers equivalent to the budget of a neighboring country, which led to the stoppage of banking transactions all the other".

The Bahadli "the existence of flaws big in the monetary policy of the Central Bank, was to sell the dollar at auction exclusively for domestic banks at a price of 1173 dinars to the imposition of the archives own, import of goods as a certificate of origin and settling accounts of tax and other, subject to sell the dollar for the citizen at a price of 1180 dinars."

He stressed that "the private banks did not adhere to the official selling price, and monopolized the dollar, as well as the emergence of mafia money laundering, brokers and monopolists manipulate the exchange rate by Omzjtha profitability"

And between "The financial allocation by the central bank, each bank Ahli up a day to 10 million dollars, so the simple calculation have won all Bank amounted to a million dollars per day which led to the reluctance of banks to finance any project, because the interest of the funding of the 12% Projects for much less than the process of selling the dollar. "

The expert described these actions as "significant waste of public money and damaging the national economy and is the Honor of funds through the monopoly of the national economy and the disabled, as well as the stop of strategic projects and infrastructure in the country."

He was surprised Bahadeli of "lack of seriousness of the security agencies competent to economic crime in dealing with such a major issue affecting economic security."

The Truth parliamentary matches Development Fund of Iraq revealed, for the sale of the Central Bank about 207 billion dollars is equivalent to 55% of Iraq's oil revenues during the past six years, and while confirming that those sales were more doubles than you need the local market, they revealed that the More than half of those sales went to community banks poured specific purchases in the Jordanian and Gulf banks through its acquisition of most of the claims of the Central Bank of hard currency to make a profit obscene Up to 6% so that they control the national economy. "

Accused the General Authority for the North Bank for Finance and Investment, in April of 2013, the central bank not to meet the needs of the Iraqi market of hard currency over the past five months and refer it the responsibility of the private banks, while confirming that Iraq needs to pump nearly 300 million dollars in the market a day to meet the needs of the currency, while the central bank has criticized these statements promised they attack him and "stems from ignorance and lack of knowledge of monetary policy."

The Cabinet decided, to request the President of Supreme Audit Abdel Basset Turki functions of the central bank governor and the agency rather than the former Fed governor Sinan al-Shabibi on charges of issues of financial and administrative corruption in the bank, especially in the sale of the dollar, but nothing has been occurring in the work of the bank and currency auction in whereas the exchange rate of the Iraqi dinar against the dollar, a big drop since jumped from 1170 dinars to the dollar in the fall of 2012 to 1270 dinars to the dollar until now.

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