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Parliament: Private banks in Iraq have turned into shops that drain hard currency by smuggling it
Shafaq News/ The representative of the Al-Fateh Alliance, Aziz Sharif Al-Mayahi called, on Wednesday, the Central Bank of Iraq to reconsider the classification of private Iraqi banks and hold them accountable that did not provide any investment or economic benefits to Iraq, referring to some of those banks turned into "shops" to issue letters of guarantee. Taking high and large commissions, in addition to draining hard currency and smuggling it with false invoices.
Al-Mayahi said in a press statement, received by Shafak News Agency, that "there are many private banks led by a number of corruption mafias, which, unfortunately, have turned into shops for issuing letters of guarantee and taking high and large commissions that burden contractors, in addition to draining hard currency and smuggling it abroad and paying bills. A fake to the Central Bank and speculation in the markets, which negatively affected the economic situation and harmed the Iraqi private sector, and established its wealth at the expense of Iraq and its people without presenting any investment or economic plans or projects that would benefit Iraq or reduce the suffering of the poor classes.
He added, "The Central Bank has previously worked on grading private banks according to what they offer, but unfortunately, we did not find any of those private banks that were granted advanced degrees any benefit to the country, and they did not have any positive role during the successive economic crises that engulfed the country." In the country, despite this, its wealth continues to grow from the country’s bounties without any account or supervision.”
He stressed the importance of returning the central bank to all its accounts in dealing with private banks and setting stricter controls in checking invoices sent from those banks, given that the volume of exports does not match the volume of hard currency leaving the country to sort out the lagging ones after giving them a time limit to rearrange their plans. Continued reluctance to work to withdraw licenses from them and oblige them to pay fines for the extent of the damage they caused to the Iraqi economy and the private sector.
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Al-Mayahi said in a press statement, received by Shafak News Agency, that "there are many private banks led by a number of corruption mafias, which, unfortunately, have turned into shops for issuing letters of guarantee and taking high and large commissions that burden contractors, in addition to draining hard currency and smuggling it abroad and paying bills. A fake to the Central Bank and speculation in the markets, which negatively affected the economic situation and harmed the Iraqi private sector, and established its wealth at the expense of Iraq and its people without presenting any investment or economic plans or projects that would benefit Iraq or reduce the suffering of the poor classes.
He added, "The Central Bank has previously worked on grading private banks according to what they offer, but unfortunately, we did not find any of those private banks that were granted advanced degrees any benefit to the country, and they did not have any positive role during the successive economic crises that engulfed the country." In the country, despite this, its wealth continues to grow from the country’s bounties without any account or supervision.”
He stressed the importance of returning the central bank to all its accounts in dealing with private banks and setting stricter controls in checking invoices sent from those banks, given that the volume of exports does not match the volume of hard currency leaving the country to sort out the lagging ones after giving them a time limit to rearrange their plans. Continued reluctance to work to withdraw licenses from them and oblige them to pay fines for the extent of the damage they caused to the Iraqi economy and the private sector.
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