"Fake banks participate in it" ... Economist: The currency auction must be stopped due to its corruption

by **claud39** Tue Nov 24, 2020 12:42 pm

11/24/2020

{Baghdad: Al Furat News} The economic expert, Eid Toufan, stressed the need to stop the currency auction due to corruption, while noting that fake banks participate in the auction.

In an interview with Al-Furat News Agency, Tufan said, "The currency auction is a large window of corruption due to the control of certain personalities and banks over this auction," indicating that "the benefits that accrue from the auction are estimated at 10% due to the state, and this matter is not realized despite the financial circumstances." It is difficult, but many people are adamant about this auction. "

He added, "This auction and its windows opened many banks, according to specialists and the Parliamentary Finance Committee, who confirmed that there are funds and banks that are not present only on paper, but they buy dollars at the state price and sell it at the black market price."

Tufan asked, "Is it reasonable that Iraq buys the harvest (buckthorn) by 20 billion within one month, or the tomatoes that we imported with 4 billion within one month. These are frightening and false numbers."

He indicated that "the currency auction must be codified and companies must be assured, and the most important point is to ensure the profitable returns for these sums because Iraq sells the currency at less than the black market and with a daily, monthly and annual loss. Reconsideration of the currency auction is very required or at least stopped."

He continued, "Despite the Corona crisis and the financial crisis, the currency auction did not close at a time when there was a complete closure of institutions due to the pandemic, and we do not know how this process took place."

Ali al-Rubaie

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