Buyers: by the way the "cash" smuggling currency and outside Central suspicion

Wednesday November 18, 2015
Baghdad, Hazem Shahid

The parliamentary Finance Committee said that the Iraqi Central Bank reserves dropped by about $ 10 billion, with observations on the indicated fraud in auction sale of foreign currency, confirmed that lower reserve is natural and not necessarily be caused by corruption in the Central.

Member of the Finance Committee, said attorney Haitham al-Jabouri told the "range", that "low oil prices led the Central Bank to provide the needed market for dollars through foreign currency reserves from the equivalent to fill this need is through the State imports plus what central reserves offset by narrowing".

He drew al-Jabouri, the "value of oil imports State compiled as previously hit 370 million dollars, turned to the Central Bank in Exchange for local currency means that the reserve was increasing continuously measured by sales that ranged from 175 million dollars to 250 million dollars," indicating that "the State imports after low oil of approximately 120 million dollars makes Central have to dispose of its cash reserves to offset a market need for dollars.

He ruled that "the decline in Central Bank reserves caused by administrative or financial corruption and accused some traders of smuggling currency they buy from a central auction."

The "Central sells dollar in two ways, first by DCs and is selling contains safeguards, the second way is the" cache ", stressing that" the method of sale second punctuated by trickery through smuggling of currency or buying drugs outside the country because they were outside the controls and control. "

And currency smuggling, said that "some traders to sell the dollar in countries experiencing economic blockade such as Iran and Syria", adding that "those States buy foreign currency by a wide margin on price because they lack the sales and released because of international sanctions," he said, adding that "the Central Bank decided to reduce the sale of the" Kash "of $ 15 million to $ 5 million to reduce the phenomenon of smuggling" , Al-Jabouri emphasized the need to cancel the sale in such a way to eliminate the phenomenon of smuggling.

He did not rule out that permeates the dollar selling DCs some gimmick but downplayed its chances, while the rate of confirmed what merchants buy from the Central Bank than the actual need for the purchase of goods and commodities.
Central Bank reserves fell deep 67 billion dollars to 58 billion dollars, while it reached 83 billion dollars before the drop in oil prices.
And sales surpassed the Central Bank's weekly auction to sell 200 million dollars in foreign currency on several occasions, while facing parliamentary calls for determined in accordance with article 50 of the law on budget by selling 75 million dollars, below.

Abbadi was discussed last Sunday with the Governor of the Central Bank on the relationship, according to a Government statement, the actions taken to stop corruption and mafias are benefiting from the currency Central Bank auction, and accounting involved, a government source said that during the meeting instructed Al-Abbadi to open an urgent investigation into the disappearance of 10 billion dollars from Central Bank reserves.

Federal Supreme Court, declared (6 July 2015) the unconstitutionality of several articles in the balancing act of 2015, including article 50, to compel the Central Bank to determine its currency dollar in its daily ceiling not exceeding 75 million dollars a day.