Al-Sumaida’i: The currency auction is a smuggling of the dollar and its corruption goes beyond simple sales

by **claud39** on Wed Dec 09, 2020 5:50 pm

12/09/2020

{Baghdad: Al Furat News} An independent politician, Ibrahim Al-Sumaidaie, described the auction of selling the currency as "smuggling."

Al-Sumaidaie said {to the Euphrates News} that "the currency auction is a smuggling of currency and is based on covering the sale of the dinar for the purpose of import and credit."

He pointed out that "the latest statistics of the Central Statistics Agency revealed differences in the currency auction that exceeded the $ 26 billion without basis, even in the amount of $ 19 million for the purpose of import. Most of its invoices are forged and the Central Bank evades responsibility."

Al-Sumaida’i added, "The only solution to stop the bleeding of currency selling is to inject the dollar in real and go to savings accounts," noting that "the problem of this auction has existed since 2010."

The independent politician concluded, "The Central Bank of Iraq deluded the people that there is no alternative to the currency auction, and he admitted that there were 45 trillion dinars outside the monetary policy of Iraq, and the corruption of the auction went beyond simple direct sales to specialization."

The representative of the parliamentary wisdom bloc affiliated with the coalition of Iraqis, Khaled Al-Jushami, revealed that Iraq lost 240 million dinars per month in the currency auction.

Al-Ghashami said in a press statement, that the Central Bank of Iraq sells 4 billion dollars a month, even if we divide it by 200 in 5 working days, it equals one billion dollars in four weeks, and if we multiply the 4 billion dollars by 6, the result is 240 billion dinars per month for the Iraqi state from the auction selling the currency.

He added that the profit goes to people in private banks, not to government banks, in order to return to the state treasury.

It is noteworthy that the member of the Parliamentary Finance Committee, Faleh Al-Sari, collected signatures to submit a request to question the Governor of the Central Bank of Iraq regarding suspicions in the currency auction.

In the year 2019, the Central Bank sold $ 44 billion in hard currency in a currency auction, mostly intended to cover the import of materials and goods that the country needs, stabilize the price of the Iraqi dinar and prevent inflation, according to bank data.

However, as economists say, the volume of Iraqi imports reached 18 billion dollars, and they warn of "currency leakage" outside Iraq due to "corruption" in the currency auction in the country.

In light of this, the Supreme Judicial Council announced that it would initiate the investigation of the documents of the joint banks in the foreign currency sale window.

A statement to inform the judiciary stated that the investigation court competent to combat money laundering and economic crime crimes responds to the request of the Central Bank and conducts the investigation with documents and documents submitted by the participating banks in the foreign currency sale and purchase window to verify its validity and compliance with the law.

Wafa Al-Fatlawi

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