Economists say that the sale of the dollar in the Central Bank of Iraq is one of the reasons for the failure of the economic development of the country and the theft of state funds, as the fictitious profits earned by the bank has exceeded hundreds of billions of dollars, at a time depends more than 90% of the work of the auction On the false invoices and companies and individuals with fake names, according to investment adviser Thaer al-Fili, who reveals in an interview for "(range), that the government decided to close the auction next year and the transfer of all documents and forged files to the judiciary.
The opening of the auction of the currency in the Central Bank of Iraq on a daily basis (except public holidays), where the offers of banks and financial transfer companies and banking in the form of a closed envelope, the presentations are the quantities requested or offered by banks, and where determine the central prices, banks and financial transfer companies and companies Registered Banking sign a pledge in which you agree that all information and financial statements you provide are correct and otherwise bear all legal consequences.
The adviser and expert on investment Thaer al-Fili, said that the subject of the window selling the currency in the Central Bank of Iraq since a period traded in the seventh unit of economic reform in the Prime Minister, as this auction disrupted the contribution of banks in development and disrupted the work of the Iraqi private sector, therefore, the Iraqi state destined To close the selling window of the dollar in the first quarter of 2018, and Iraqi banks to leave living on this window and is directed to the development of the Iraqi private sector and private investment, in order to start a real investment revives work and development in the country through the revitalization of the private sector.
Faily explains why the decision to close this window for several reasons, saying: We all know in 2004, the US Coalition created the window of sale of foreign currency and continued until now and was the reason for the time financing the purchases of the Iraqi state of the dollar on the fact that oil sales were and still stored in the Fund Especially on the basis of the fact that most of the private sector banks have increased and become 95% of their work is to get the dollar from the window between the currency, any of the currency auction in the Central Bank, which is the reason for the fictitious and profitable profits earned by the bank at the time of The currency is not in any country in the world, and Iraq is now the only country that has a currency auction in this way that contribute to the loss and full depletion of the Iraqi economy.
Al-Faily confirms that all economists believe that this auction is one of the reasons behind the backward development of the private sector in Iraq. The reason is the fictional figures that the Nubuk draws from the auction.
However, all the banks in the world are developing. When one is established, it must contribute to development and boost the economy. By private sector, only Iraqi banks have no contributions in the private sector at all, and if some of them have contributions they are no more than shy and do not exceed their "2 or 5%" contribution, while 95% of the banking activity depends On the currency auction, because the profits earned by these banks and that For the size of 7% per day, per week up to 35% of their profits, up to an annual rate of 1820% profit this imaginary reality can not believe him one, a percentage will not be realized in the event of his money if invested in the private sector.
If we take the example of a bank that invests its money in the private sector, the highest rate of profit it will earn will be 10%, which is also high. The 10 million dinars contributed by the bank will return with one annual profit of one million dollars, which is the normal level for all the banks in the world. And a high level where most banks live on the rate of 2 or 4 or even 5% and have achieved natural profits, not to mention that this percentage of profitability "2 or 4% contribute to the revitalization and development of the wheel of the economy in the private sector.
He said: "The 10%, the high rate in the case of an Iraqi bank invests 10 million dollars in the auction of the currency, which they do now, one day the bank will receive 600 or 700 thousand dollars, but a week will get 3 or 3 and a half million dollars From the auction of the currency, and annually will get from 160 to 180 million dollars profit of ten million dinars, so naturally the bank goes away from the development of the private sector and away from investment in it, which has frozen and frozen our investment in the private sector, despite the presence of 46 banks have recently arrived To 50 banks, a private sector whose contribution was still very little and did not exceed 3% The private sector.
In the Fili: On the other hand, more than 90% of the work of the auction of currency and unfortunately depends on false invoices and companies and individuals with fake names do not exist in fact, because in the case of authenticity of documents and financial transfer documents will not earn the bank such profits, because Dollars will go to the real supplier, whether in the case of opening the credit or pay the bills will not earn the bank profits, which forces most banks to fabricate bills and fake names, has discovered the integrity of the past period a very large number of banks pursuing this approach and many of them to justice on Banks are provided To eliminate remaining.
But in any case, the sale of the currency depletion of Iraqi energies and funds and the theft of the state budget will not continue at all, because there is a decision will be issued gradually transfer all files of fraud to these banks to the judiciary, and there will be a real chase through cooperation between the concerned authorities to disclose documents and papers Counterfeit to banks, because we want to finish soon the process of auctioning the currency that rely on the wrong documents.
The central bank sold $ 413.4 billion in the currency sale window between 2004 and 2016. The central bank sells the dollar at 1190 dinars. The central bank decided to set up the currency auction to finance the foreign trade of the private sector and transfer money To individuals outside the country and to cover the market's need for foreign currency.
The central bank has defended its measures to open a window for the sale and purchase of foreign currency, which was considered a way to ensure and stabilize the dinar exchange rate.