Warning of a major financial collapse because of the hard currency at the central bank auction

by **Ponee** Fri Nov 04, 2016 11:35 am

BAGHDAD / JD / .. charged with a number of specialists auction of foreign currency at the central bank as a gateway to smuggle money and bleached and Ihovernm corruption, stressing that the auction currency is limited to certain companies affiliated to political beneficiaries, while calling for the central bank to cancel the auction of the currency and improve its monetary policy to support the value of the Iraqi dinar .

Says Nora Albjara committee member, said that “uncertainty dominates the work of the currency auction, there is talk of corruption and problems within his work.”
She Albjara Agency / KD / that “the central bank auction of depletion of foreign currency for it being a fake business, especially that of Jean economy, finance and integrity in Parliament in addition to the Integrity Commission did not discover any file corruption in his work and to reach those responsible for it, because reality shows that there are names it involved a major political and protector itself through political influence. ”

She pointed out that “the manipulation of the auction currency being in collaboration with some private banks, and if continued would lead to a major financial collapse”, calling on the central bank to “take a number of measures for the import of essential things.”

For his part, criticized the economic and investment commission member of the parliamentary proof Mamouri, monetary policy pursued by the Central Bank of Iraq, which led to a huge waste of the financial reserves of the Central Bank.
He said Mamouri told / KD / that “the central bank’s policy of selling the currency led to a huge waste in a financial reserve of the bank after the dollar exchange rate in the domestic market reached more than 1,300 dinars to the dollar, while the official selling price of the bank rate does not exceed 1200 dinars per dollar. ”

The member of the economic and investment commission it “was supposed to be there is an increase in the reserve ratio of foreign currency at the central bank as shall receive a percentage of profits to sell the currency, but we see the opposite,” calling on the bank to “pursue a new policy to sell the currency through the open window for sale direct to citizens and the rates prevailing in the market and achieve the benefit for the general budget of the state. ”

He noted a member of the economic and investment commission that “he will be hosting the central bank governor and directors of state banks in the coming days for clarification about the causes of decline of dollar reserves and its high price.”
For its part, the parliamentary finance committee confirmed that, if political and party quotas have embarrassed the work of government institutions, especially the economic ones, stressing “the need for the central bank is managed by professionals to the economy, money, and not according to quotas that destroyed Iraq’s economy.”

Said committee member MP Magda Tamimi, that “the auction currency is increasing dramatically in spite of our appeals the many central bank’s need to reduce the sales of hard currency, especially since such sales are sometimes covered from the reserve value of what adversely affects the quantity.”

She said “there is a great imbalance in the auction currency and central bank customers from the private sector are buying the dollar at the official rate to cover imports under the pretext of the state,” arguing that “this step carrying imbalance intentional, the fact that selling the dollar at the official rate goes into the pockets of the corrupt.”

And was amazed Tamimi of the “insistence of the central bank to hold an auction of the currency,” she wondered, “Is there an auction in the neighboring countries of the currency as it is in Iraq?”, Claim to “cancel the auction of the currency at the central bank.”

Information published by the central bank on its website to indicate that the number of banks that handled the auction currency of 26 banks and 20 financial transfer company, and sold them from the third month of January and until the ninth of this month, $ 6.5 billion worth 1190 dinars to the dollar.

http://www.dananernews.com/News_Details.php?ID=8075

by **Terbo56** Fri Nov 04, 2016 11:40 am

So, in other words, the dinar took another dive, right? What else is new-That country will NEVER get their shit together, no f'n matter what they do-Whatever happens to them happens- They deserve what they get, the stupid bastards-

Warning of a major financial collapse because of the hard currency at the central bank auction

Warning of a major financial collapse because of the hard currency at the central bank auction

Re: Warning of a major financial collapse because of the hard currency at the central bank auction