The coin auction is devoid of empty funds
2018/09/02 11:23 am
The Iraqi Observer - Suad Al - Rashed
After 2003, the Central Bank of Iraq (CBE) witnessed a new activity, namely the sale of the dollar in local currency.
The bank sells millions of dollars a day to banks, companies, investors and other competitors, and buys these dollars at a stable rate supported by the bank and keeps it below the market price.
Buyers provide documented needs for this currency in respect of expenses of purchase or any other expenses required to be paid in dollars, and the amounts withdrawn and sold are commensurate with that expenditure.
The seriousness of the issue lies in the volume of amounts sold by the bank and covered by financial support from the Iraqi economy and from the Iraqis to maintain the stability of the dinar exchange rate against the dollar.
These amounts are sold by a value difference from banks and the controlling parties and control of the currency auction.
In the same direction is the second risk of currency smuggling Foreign transactions in illegal ways through what is obtained from the currency auction.
«The Iraqi observer» highlighted the fact that the currency auction in the Central Bank and the size of interest and damage to the Iraqi economy of this auction and how is managed by this auction?
"All the scientific economic indicators based on common sense see that this auction has no economic benefit and carries the Iraqi economy and the balance of large losses useless, which is one of the inventions of the big corruption mafia, which devour the funds."
"This is a dangerous precedent in the region and in the world.
It is strange that the country sells its hard currency to its beneficiaries, while it is carrying huge support costs amounting to billions, under the pretext of covering the needs of the local banks and banks that need it.
Stressing that «the Central Bank is a financial institution of an independent character should be removed from the interference and compliance with the law of the seriousness of the role and the task of the Bank and its sensitivity,
but that does not mean that the bank becomes a big secret controls the path of public administration and influential,
The bank is issuing uncles after the other, warning the security and monitoring authorities to approach him, claiming that he is the only one who has the authority to audit, question and inspect the movement of money, and this trend is unconvincing and unsafe in an environment plagued by corruption and has been lost in most of its economy.
As for the economic analyst Ahmed Saadi, he said: "All the indicators that monitor the interest of the so-called currency auction, which is in fact the dollar auction is not reassuring and talk about the corruption is clear through the abuse of this auction through the Mafiyat and interconnected in the networks of complex threads extend from inside the bank to Outside and vice versa, and is protected by political wills benefiting either on a personal or partisan level of this big money».
Al-Saadi called for a courageous decision to stop this auction and prevent the waste of currency in the way it is through the daily auction, and must be transparent and accurate follow the movement of money and the past corruption trails in order to reach the heads of the game.