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THE CENTRAL BANK CONTINUES TO SELL THROUGH THE AUCTION – HOW THE AUCTIONS WORK
The Central Bank continues to sell through the auction, which is being conducted daily for a number of private banks, despite the recognition of the government and parliament that there is a large corruption in the currency auction.
The economist Abdul Rahman al-Mashhadani said in an interview followed by obelisk, that "15% of the bank's sales through the auction go as money laundering," noting that "the parliamentary financial and economic committee talked about this and all government agencies were unable to stop the auction " .and continued to drain the hard currency because of its association with great political figures.
Mashhadani adds that "the real import rate for the private sector is 35 billion dollars annually, but what the bank sells during the year through the auction is 50 billion dollars," noting that "corruption has become clear even in the regulators, but the power and influence of influential people in banking institutions is "."It is greater than accounting, and it continues in spite of its codification in previous years The dollar escapes with nothing.
(Mnt Goat – so the CBI knows they need 35 billion annually to run the country but 50 billion is taken out of the CBI reserves. Remember that the oil revenues is paid in US dollars (we call it petro-dollars). It then is put into the CBI reserves. The CBI then pays out what it needs to cover the ministries, as stated in the budget and allotments approved by parliament. The leftover money is how the CBI reserves grow (Us dollars taken in not spent on projects or salaries). So if 15 billion dollars is being pulled out the CBI each year (50 minus 35 equals 15) then this money is not staying in the CBI reserves, thus helping the reserves to grow. In fact this money is disappearing and not going to any benefit to help Iraq or its people.
They are simply siphoning off the riches of Iraq right in front of the people’s nose. Folks – this is a lot of money that could be used to rebuild churches, schools and get electricity up and running. It could also be used for loans and grants. Oh – did I say also pay the HCL money to the people? Do you see the corruption now and how it is holding back Iraq? 15 billion is a lot of money! :frowning2: )
Economist Dorgham Mohammed Ali said in an interview followed obelisk, "The auction, which was established in 2004 was created with the aim of not obtaining a monopoly of the dollar on the one hand and to buy the Iraqi dinar to cover the budget and prevent inflation on the other hand and was a tool to control the exchange rate, but the value difference between the sale of cash and remittances. It was a profit margin for the banks involved in the auction and a limited number of companies, which led to the smuggling of large amounts of dollars out of Iraq.
(Mnt Goat- So are the auctions then really helping Iraq or hurting it. Are they beyond meeting the original objectives of the auctions? Is it time to end them? The article says they are buying the Iraqi dinar but buying it from the merchants so they can convert it to US dollars. So US dollars are sold at these so-called auctions not dinars.)
THE ESTABLISHMENT OF BANKS WITHOUT AUDITING The economist Mohammed al-Hasnawi said in an interview, that "the are banks, especially Islamic ones have been opened and granted licenses without any scrutiny of their potential and financial capacity, revealing the existence of banks opened by employees working in the bank or participants. He added that these banks do not do any credit checks, but only their work in the auction of currency and transfer of foreign currency through the laundering of money, calling on the Central Bank and the regulatory authorities to scrutinize how these banks get the founding license.
The money that was WASTED IN THE CURRENCY AUCTION OVER THE PREVIOUS YEARS IS EQUIVALENT TO THE ENTIRE BUDGETS OF SOME COUNTRIES and enough to operate a large number" of stalled factories and eliminate the largest percentage of unemployment in the country," said MP Ali al-Badiri, in an interview with the obelisk. The parties dominate the decision and have control over some media outlets that prevent the shedding of this dangerous dossier.
THE CENTRAL BANK OF IRAQ SELLS THE DOLLAR to private banks and financial transfer companies THROUGH THE AUCTION, which is conducted daily and the amount of $ 150 million, which these figures rise or fall as requested by these banks, which in one way or another affect the reserve of the Central Bank of Iraq, which .was significantly affected recently.
As a result of non-symmetry between what he gets from the dollar and between the sale through auction.
(Mnt Goat – so please let us all get on the same page. The currency auctions are taking in (buying) dinar and giving back (selling) US dollars. Our dinars do not come from the currency auctions but from dealers who are selling this to the these online currency brokerage companies. This amount of our dinar is so minimal in comparison the total amount in circulation. It is the corruption now in the these currency auctions that is the hold up of any significant revaluation of the dinar. A revaluation would also mean to process the “project to delete the zeros” and this would lead to the reinstatement of the dinar for global trading.)
Their words not mine…..No Rumors, No Hype, No Opinions ,,,,, Just the FACTS!
Auf Wiedersehen, Much love to ya all,
- GURU HUNTER
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Join date : 2015-02-19
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