[size=35][size=35]You will only find it in Iraq .. a hard currency that is wasted through the auction at a difficult time[/size]
[You must be registered and logged in to see this link.]
16-16-2020 05:25
[You must be registered and logged in to see this image.]
[/size]
Source:
[You must be registered and logged in to see this link.]
10,587 views
Banks, to say the least, were established to live on the currency auction and to be more like offices for financial transfer. Most of their doors are closed to citizens and they carry banners for the names of banks, but they do not practice their banking activities.
The auction is a drain for hard currency
Financial expert Mohamed Al-Khuzai said in an interview with Alsumaria News that "the average of what the Central Bank sells annually to finance private sector imports exceeds $ 40 billion, which is a large amount compared to what Iraq imports, which does not exceed $ 30 billion annually," noting that "the drop in oil prices significantly It will inevitably lead to a depletion of hard currency. "
Al-Khuza’i added that “the auction has become a place for profit for banks and out of the hard currency for imports, some of which are fictitious, by providing some banks with forged documentary credits on the pretext of covering commercial deals.”
Al-Khuza’i pointed out that “some banks obtained a license to practice the profession without checking the eligibility of these banks, which completely refrained from practicing their credit work, while their only work was limited to participating in the currency auction.”
Expert: The contribution of banks to development is less than 13%
Economist Dhargham Muhammad Ali said in an interview with Alsumaria News that "the contribution of the banking sector in Iraq is still 13% less by indicators of financial inclusion that place the local banking sector in the tail of the sector in the Arab world and in a late world ranking according to World Bank indicators and despite raising the percentage of financial inclusion after Localization of salaries, but it is still much less than expected. "
He adds that "private banks in Iraq do not have real development, but are a consumer sector similar to the rest of the sectors in Iraq, where they moved away from the credit development role and went to trade in currency and give limited loans with high benefits."
And Ali points out that "the large increase in the number of private banks without real economic feasibility is offered in a way that cannot be doubted that their establishment came against the background of auction profits and not the practice of regular banking activity," noting that "until now the percentage of private banking system participation does not exceed 15% Of the total volume of deposits in the Iraqi banking system. "
"Miserable" goods import
For his part, the economic expert, Adel Mohamed Saeed, considered in an interview with Alsumaria News that "millions of dollars are released daily through the auction conducted by the Central Bank to import goods and goods that are not useful and described them as" miserable ", noting that" these goods flooded the market and harmed local production. " .
Saeed adds that "a lot of private banks in Iraq have moved away from credit work because of the low return from it, and therefore have gone to get their share from the Central Bank of Iraq auction, which keeps them away from their banking competence and makes them closer to the banking offices."
Saeed calls for "the central bank to re-check the licenses of these banks and seriously stand on the ability of these banks to operate banking and finance imports of goods and goods for the benefit of the citizen."
The Central Bank of Iraq sells the dollar to private banks and money transfer companies through the auction that it conducts daily at an amount of 150 million dollars, which increases these numbers or decreases according to demand by these banks, which affects in one way or another the reserves of the Central Bank of Iraq, which was affected significantly in recent times As a result of the lack of symmetry between what he gets from the dollar and the auction sale process.
A large number of financial policy professionals opposed the currency auction, which they considered to be a waste of public money in this circumstance if it was not organized and used properly to serve the public and economic interests and led to the conversion of hard currency out of the country.
It is noteworthy that the frequency of accusations escalated regarding the currency smuggling operations that cast a shadow over the selling prices of the dollar in local markets and led to an increase in its exchange rate a few months ago, while deputies called for the government to stop selling the currency at auctions of the central bank, others confirmed that Iraq was losing Significant money from being smuggled daily out of the border.
[You must be registered and logged in to see this link.]
[/size]
[You must be registered and logged in to see this link.]
Alsumaria special
[You must be registered and logged in to see this link.]16-16-2020 05:25
[You must be registered and logged in to see this image.]
[/size]
Source:
[You must be registered and logged in to see this link.]
10,587 views
[size=18]It seems that the continuation of the central bank by its daily auction to finance imports described as miserable and fictitious through banks, some of which have never practiced credit work ... will sooner or later lead to the depletion of hard currency, especially with low oil prices, which is the main financier of the bank's reserves of this currency, which appears to be It dissipates in a difficult time, according to the specialists.
Banks, to say the least, were established to live on the currency auction and to be more like offices for financial transfer. Most of their doors are closed to citizens and they carry banners for the names of banks, but they do not practice their banking activities.
The auction is a drain for hard currency
Financial expert Mohamed Al-Khuzai said in an interview with Alsumaria News that "the average of what the Central Bank sells annually to finance private sector imports exceeds $ 40 billion, which is a large amount compared to what Iraq imports, which does not exceed $ 30 billion annually," noting that "the drop in oil prices significantly It will inevitably lead to a depletion of hard currency. "
Al-Khuza’i added that “the auction has become a place for profit for banks and out of the hard currency for imports, some of which are fictitious, by providing some banks with forged documentary credits on the pretext of covering commercial deals.”
Al-Khuza’i pointed out that “some banks obtained a license to practice the profession without checking the eligibility of these banks, which completely refrained from practicing their credit work, while their only work was limited to participating in the currency auction.”
Expert: The contribution of banks to development is less than 13%
Economist Dhargham Muhammad Ali said in an interview with Alsumaria News that "the contribution of the banking sector in Iraq is still 13% less by indicators of financial inclusion that place the local banking sector in the tail of the sector in the Arab world and in a late world ranking according to World Bank indicators and despite raising the percentage of financial inclusion after Localization of salaries, but it is still much less than expected. "
He adds that "private banks in Iraq do not have real development, but are a consumer sector similar to the rest of the sectors in Iraq, where they moved away from the credit development role and went to trade in currency and give limited loans with high benefits."
And Ali points out that "the large increase in the number of private banks without real economic feasibility is offered in a way that cannot be doubted that their establishment came against the background of auction profits and not the practice of regular banking activity," noting that "until now the percentage of private banking system participation does not exceed 15% Of the total volume of deposits in the Iraqi banking system. "
"Miserable" goods import
For his part, the economic expert, Adel Mohamed Saeed, considered in an interview with Alsumaria News that "millions of dollars are released daily through the auction conducted by the Central Bank to import goods and goods that are not useful and described them as" miserable ", noting that" these goods flooded the market and harmed local production. " .
Saeed adds that "a lot of private banks in Iraq have moved away from credit work because of the low return from it, and therefore have gone to get their share from the Central Bank of Iraq auction, which keeps them away from their banking competence and makes them closer to the banking offices."
Saeed calls for "the central bank to re-check the licenses of these banks and seriously stand on the ability of these banks to operate banking and finance imports of goods and goods for the benefit of the citizen."
The Central Bank of Iraq sells the dollar to private banks and money transfer companies through the auction that it conducts daily at an amount of 150 million dollars, which increases these numbers or decreases according to demand by these banks, which affects in one way or another the reserves of the Central Bank of Iraq, which was affected significantly in recent times As a result of the lack of symmetry between what he gets from the dollar and the auction sale process.
A large number of financial policy professionals opposed the currency auction, which they considered to be a waste of public money in this circumstance if it was not organized and used properly to serve the public and economic interests and led to the conversion of hard currency out of the country.
It is noteworthy that the frequency of accusations escalated regarding the currency smuggling operations that cast a shadow over the selling prices of the dollar in local markets and led to an increase in its exchange rate a few months ago, while deputies called for the government to stop selling the currency at auctions of the central bank, others confirmed that Iraq was losing Significant money from being smuggled daily out of the border.
[You must be registered and logged in to see this link.]
[/size]
Today at 7:21 am by Rocky
» MM&C 9/29/24 "THE EXPECTED PATH OF THE IRAQI ECONOMY"
Today at 7:20 am by Rocky
» MM&C 9/29/24 What would happen to the Iraqi dinar if the zeros were removed? Comment by Dr. Mahmoud
Today at 7:19 am by Rocky
» MM&C 9/29/24 What after the closure of the currency auction at the Central Bank of Iraq?
Today at 7:18 am by Rocky
» Iraq doubles stock traders by 500%, US sanctions against banks will be lifted - Al-Haymas
Today at 7:16 am by Rocky
» The Central Bank of Iraq discusses opening communication channels with the Spanish.. Al-Alaq meets w
Today at 7:11 am by Rocky
» Central Bank Sells Over $263 Million in Auction Today
Today at 7:09 am by Rocky
» Market Forces Committee recommends holding an Iraqi-Turkish forum in Baghdad
Today at 7:07 am by Rocky
» The Central Bank determines the commission of exchange companies for selling the dollar
Today at 7:05 am by Rocky
» House of Representatives amends tomorrow's session agenda
Today at 7:03 am by Rocky
» Internal and external debts "exhaust" the Iraqi budget, and experts diagnose the reasons
Today at 7:00 am by Rocky
» "One of the doors of corruption" .. Parliamentary Transportation Committee criticizes the food file
Today at 6:58 am by Rocky
» House of Representatives amends agenda for tomorrow's session
Today at 6:56 am by Rocky
» Market Forces Committee recommends holding an Iraqi-Turkish forum in Baghdad
Today at 6:53 am by Rocky
» Interior: We have concluded more than 10 different contracts with the military industry
Today at 6:50 am by Rocky
» Director of Iraqi Ports issues directives to Umm Qasr Port Management
Today at 6:49 am by Rocky
» Drafting a draft law to regulate electronic payment
Today at 6:47 am by Rocky
» Al-Sadiqoun to the Foreign Ministry: Why did the Iraqi representative to the United Nations not with
Today at 6:44 am by Rocky
» Mr. Al-Hakim to the British Ambassador: The international community bears the responsibility to prev
Today at 6:42 am by Rocky
» In detail.. Transport announces the completion of all sections of the five berths project within the
Today at 6:40 am by Rocky
» Developing a new method for recycling plastic waste
Today at 5:21 am by Rocky
» Popular movement criticizes the position of the Ministry of Foreign Affairs on what is happening in
Today at 5:20 am by Rocky
» Parliamentary Committee Supports Imposing Collection Fees on Services
Today at 5:19 am by Rocky
» Politician: Parliament presidency negotiations have been limited between Progress and the Framework
Today at 5:18 am by Rocky
» Parliamentary Security announces its follow-up to the agreement with the coalition forces regarding
Today at 5:17 am by Rocky
» MP: Our ability to combat airspace violations has tripled
Today at 5:16 am by Rocky
» After the Baghdad-Washington agreement... fears of American evasion to continue the presence of its
Today at 5:14 am by Rocky
» Governmental move to implement new infrastructure projects
Today at 5:13 am by Rocky
» Iraqi Army Prepares.. High-Level Security Meeting to Confront "Any Emergency" (Video)
Today at 5:11 am by Rocky
» Al-Haims expects lifting of "sanctions" on Iraqi banks: No violations proven
Today at 5:08 am by Rocky
» With a length of 37 km.. Water Resources completes the dredging and purification of the Sabla dirt s
Today at 5:07 am by Rocky
» Record high for house rents in Baghdad
Today at 5:06 am by Rocky
» Market Forces Committee recommends holding an Iraqi-Turkish forum in Baghdad
Today at 5:04 am by Rocky
» The presence of "explosive materials" in Iraqi ports raises controversy... What is happening?
Today at 5:03 am by Rocky
» Iraq ranked 64th globally in the hunger index last year
Today at 5:02 am by Rocky
» Law to regulate {electronic payment}
Today at 5:00 am by Rocky
» New infrastructure projects
Today at 5:00 am by Rocky
» Government Real Estate Statistics
Today at 4:58 am by Rocky
» big goal
Today at 4:57 am by Rocky
» The President of the Republic and the Prime Minister call for unifying ranks and words
Today at 4:56 am by Rocky
» Government completes diplomatic action plan
Today at 4:55 am by Rocky
» Completion of 11 industrial investment projects in Najaf
Today at 4:54 am by Rocky
» {Service Government} has proven its effectiveness in word and deed.
Today at 4:53 am by Rocky
» Al-Sudani discusses regional situation with EU representative
Today at 4:51 am by Rocky
» Implementation of 50 service projects in Maysan
Today at 4:50 am by Rocky
» Transport coordinates internationally to develop the performance of Iraqi Airways
Today at 4:49 am by Rocky
» Parliamentary Education Committee expects {Sabah} to discuss the third round and critical grades pro
Today at 4:48 am by Rocky
» Soon.. Opening of two strategic projects in Baghdad and Wasit
Today at 4:47 am by Rocky
» Justice begins census of government properties
Today at 4:46 am by Rocky
» Minister of Resources to {Al Sabah}: Giant projects will provide large quantities of water
Today at 4:45 am by Rocky
» Ruling out early parliamentary elections... Mahmoud Othman: Kurds "still" support Al-Sudani's govern
Today at 4:43 am by Rocky
» Among them is the Director of Nationality and Passports.. Lists of names of those included in the pr
Today at 4:40 am by Rocky
» As if he bought them from a "slave market".. Arrest of a man accused of "buying" foreign female work
Today at 4:38 am by Rocky
» Roads and Bridges Department: There are those who inflame public opinion and distort our achievement
Today at 4:37 am by Rocky
» Iraqi Reading: The Middle East Faces Two Choices and Israel Will Not Stop Escalation - Urgent
Today at 4:35 am by Rocky
» Al-Sudani decides to postpone his official visit to the United Kingdom
Today at 4:34 am by Rocky
» Barzani's party responds to Pavel Talabani: You run half of the region and respect the feelings of o
Today at 4:32 am by Rocky
» Factions: The bullet to confront the invasion of Lebanon will be Iraqi and our missiles are ready
Today at 4:31 am by Rocky
» New instructions from the Iraqi Embassy in Damascus to Iraqis and Lebanese
Today at 4:30 am by Rocky
» Iraqi oil opens trading this week with a rise in global markets
Today at 4:28 am by Rocky
» MP: Border security has reached its final stage
Today at 4:26 am by Rocky
» “Mobile phones are prohibited inside polling stations”.. Kurdistan Interior Ministry issues decision
Today at 4:25 am by Rocky
» "Factions" doubt US withdrawal from Iraq and demand inclusion of 3 points in the "new agreement"
Today at 4:24 am by Rocky
» Migration drains Christian presence in Iraq.. Security, economy and government representation are th
Today at 4:22 am by Rocky
» Retirement to Al-Zawraa: E-governance has ended paperwork and bureaucracy and achieved a shift in ou
Today at 4:21 am by Rocky
» Investment devours the green... Nineveh loses half of its agricultural lands in a random race for pr
Today at 4:20 am by Rocky
» Social assistance and scholarship salaries to be released next Tuesday
Today at 4:19 am by Rocky
» 6 items on the parliament's agenda tomorrow, Tuesday
Today at 4:15 am by Rocky
» Parliamentary Education: The failure rate of the sixth preparatory school is high.. and we are worki
Today at 4:14 am by Rocky
» Here are the dollar prices in the Iraqi stock exchanges
Today at 4:12 am by Rocky
» Arrest of a man accused of buying foreign workers and abusing them in Baghdad
Today at 4:11 am by Rocky
» Ending the mission of the international coalition in Iraq.. the stage of "freezing tension" and a ne
Today at 4:10 am by Rocky
» utube MM&C 9/26/24 Iraq Dinar News-Iraq Plans Redenomination of Currency-Value of it Related-Elect
Yesterday at 7:11 am by Rocky
» Advisor to the Prime Minister rules out a decline in gold prices in the coming period..and explains
Yesterday at 7:03 am by Rocky
» Legal expert: If it weren't for the Security Council's collusion, the Zionist entity would have been
Yesterday at 6:59 am by Rocky
» Minister of Planning announces field progress in preparations for the census
Yesterday at 6:58 am by Rocky
» Proposal before the government to form an economic and security crisis cell
Yesterday at 6:56 am by Rocky
» Al-Karawi: The government's ignoring of the resistance's request is a betrayal of the blood of the m
Yesterday at 6:55 am by Rocky
» Iraq is the fourth largest importer from Türkiye during the past month
Yesterday at 6:53 am by Rocky
» The Prime Minister directs that Lebanese citizens wishing to come to Iraq be granted fast travel doc
Yesterday at 6:50 am by Rocky
» US releases founder of cryptocurrency exchange Binance
Yesterday at 6:48 am by Rocky
» The Central Bank of Iraq issues a warning to exchange companies regarding the sale of dollars
Yesterday at 6:46 am by Rocky
» The Central Bank of Iraq sells more than $ 258 million in today's auction
Yesterday at 6:45 am by Rocky
» Launching of aid and scholarship salaries this week
Yesterday at 6:43 am by Rocky
» Karbala begins implementing 154 projects
Yesterday at 6:42 am by Rocky
» Next Tuesday.. Closing of the application for the central admission form
Yesterday at 6:40 am by Rocky
» Service effort: Including the capital and 4 governorates in next year’s plans
Yesterday at 6:39 am by Rocky
» Rafidain Bank issues instructions for granting real estate loans
Yesterday at 5:25 am by Rocky
» The expected path of the Iraqi economy
Yesterday at 5:23 am by Rocky
» Experts: Population census shapes economic policies and directs investments
Yesterday at 5:22 am by Rocky
» Central Bank records more than $1 billion in currency sales in a week
Yesterday at 5:20 am by Rocky
» The Central Bank of Iraq warns exchange companies that sell dollars to travelers from receiving a co
Yesterday at 5:19 am by Rocky
» Iraq under the microscope.. Will Baghdad succeed in avoiding regional conflict after the assassinati
Yesterday at 5:17 am by Rocky
» Al-Sudani makes a phone call to the Lebanese Prime Minister
Yesterday at 5:14 am by Rocky
» How will developments in Lebanon affect the Iraqi economy and the oil market?
Yesterday at 5:13 am by Rocky
» The position of the Speaker of Parliament and developments in the region on the table of Masoud Barz
Yesterday at 5:06 am by Rocky
» Targeting of an American base in Syria by Iraqi factions
Yesterday at 5:05 am by Rocky
» Official: Border shelling targeted Iraqi faction, reports of casualties
Yesterday at 5:04 am by Rocky
» How much is Iraq's external debt in light of the fluctuation in oil prices?
Yesterday at 5:02 am by Rocky