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Representative economy: bank profits from the currency auction are sufficient to support one million Iraqis per month

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https://alforatnews.com/news/الاقتصاد-النيابية-أرباح-مصارف-من-مزاد-العملة-تكفي-لإعالة-مليون-عراقي-شهرياً

Representative economy: bank profits from the currency auction are sufficient to support one million Iraqis per month

   Time: 11/30/2020 14:27:00 Read: 3,991 times

{Baghdad: Al-Furat News}
A member of the Parliamentary Economic and Investment Committee, Mazen Al-Faily, called for a halt to the depletion of hard currency in the currency auction, in which hundreds of billions of dinars are lost as profits to banks of pure ownership or in partnership with influential political parties.

"We reiterate our call to stop the depletion of hard currency in the selling auction in which hundreds of billions of dinars are lost every month in illegitimate profits acquired by banks that retaliate many indications of their pure ownership or in partnership with influential political parties," Al-Faily said at a press conference held in the Parliament Building.

He added, "Due to the lack of transparency and clarity in publishing the amount of dollar sold to each bank daily, the available information indicates that some banks profit more than eighty billion dinars per month, meaning that this bank alone acquires enough monthly salary of (400) thousand dinars for more Of (200) thousand citizens, and if we calculate the average family of five people,

it is sufficient to support one million Iraqis per month, and if we collected the profits of the rest of the banks, trillions of dinars would be available annually.

Al-Faily presented proposed solutions to this crisis that drains public money, namely:

1- Putting the currency selling activity in all its stages under the eyes of the public opinion and the supervisory authorities to prevent manipulation and end the illicit profit by banks that are dependent on the depletion of public money.

2.- That the Central Bank takes clear measures by directly selling dollars to actual traders and citizens without going through intermediary banks that do not provide any economic development activity.

3- Profits tax can be calculated in advance to ensure that additional revenues are collected from the sale of the dollar in the currency auction.

Ammar Al-Masoudi

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