Najib: The currency auction is harmful to the economy of Iraq, and specific banks benefit from it

by **claud39** on Wed Dec 02, 2020 5:26 pm

Najib: The currency auction is harmful to the economy of Iraq, and specific banks benefit

from it

12/02/2020

{Baghdad: Al Furat News} A former member of the Parliamentary Economic Committee, Najeebah Najeeb, described the currency auction as "harmful to the Iraqi economy."

Naguib said {to the Euphrates News} that "the currency auction is not new, as we diagnosed this defect of selling the currency or the price difference in advance, and the former central bank governor and officials were hosted and their answers were not convincing and adequate."

Naguib identified "more than 75% of Iraqi dinars, the price difference for every 100 dollars, not in the interest of the state and the citizen, but rather for specific parties," indicating, "It is the citizen who bears the mistakes and power of the currency auction."

And she added, "The currency auction is only in Iraq, and there is no such experience in the countries of the world," stressing that "the House of Representatives must look into this matter and know the reasons for the difference in the price."

Naguib also confirmed, "Certain banks benefit from selling the currency, and its survival is harmful to the Iraqi economy."

The currency auction faces many accusations of corruption in favor of banks linked to influential political parties, according to officials in the House of Representatives.

A member of the Parliamentary Economic and Investment Committee, Mazen Al-Faili, called for "stopping the depletion of hard currency in the sale auction, in which hundreds of billions of dinars are lost every month in illegal profits that are acquired by banks revenge on many indications of their pure ownership or in partnership with influential political parties."

He added, "The available information indicates that some banks profit more than eighty billion dinars per month, meaning that this bank alone obtains enough monthly salary of (400) thousand dinars for more than (200) thousand citizens.
If we calculate the average family of five people, it is It is sufficient to support one million Iraqis a month, and if we collect to it the profits of the rest of the banks, trillions of dinars would be available annually. "

Wafa Al-Fatlawi

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