The corruption of the currency auction in Iraq 3/8
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    The corruption of the currency auction in Iraq 3/8

    The corruption of the currency auction in Iraq

    March 8, 2016

    The economic challenges faced by the current Iraqi government may be harshest in the history of modern Iraq; The economy is a yield depends entirely on oil revenues , which account for 90% of its imports, and as a result of crisis , oil prices , the Iraqi economy has received numerous tremors internally and externally, most recently reduced its credit ratings to "negative" by the agency "Fitch" global.

    The other part of the crisis is financial and administrative corruption; and that includes with it a lot of files that strain the Iraq and the economy, not to mention the displacement crisis and the war on organizing "Daash" and the loss of a lot of the capabilities of Iraq.

    Did not stop the torrent of waste and corruption that drove Iraq to the brink of economic collapse, but still the country 's ministries and sectors various rife with corruption and quotas.

    We have uncovered a document issued by the Finance Committee in the House of Representatives, that Iraq 's oil revenues during the past two months totaled 3 billion and 269 million dollars, and compared to the previous figures note that the sum of central bank sales of the currency in the same period has exceeded oil revenues as It amounted to 5 billion and 821 million dollars as it will appear in the following table number "2".

    Table 1

    And it appears in the document bypass "the state's oil revenues for the month of January last billion and $ 643 million, while state revenues in February from the sale of oil and 625 billion dollars."

    Table 2

    As for the sales of central bank foreign currency for the month of January it amounted to 3 billion and $ 318 million, as the bank 's sales in the month of February amounted to two billion and 503 million dollars.

    The parliamentary Finance Committee confirmed that the continuation of the central bank sold the dollar is greater than Iraq 's revenues from the foreign currency amounts as a result of the export of crude oil is the "service of the corrupt."

    She drew MP Magda Tamimi that " the amount of central bank reserves from the dollar in the last number have informed the Bank that $ 59 billion, but I do not think it is true it is illogical because there is a continuing sales of the bank , and this figure is not accurate it is probably at the beginning of the fifty billion dollars. "

    The central bank had sold in the last two volumes of the dollar two months exceeded Iraq 's revenues from the export of crude oil.

    And published economic reports that the Iraqi Central Bank sold more than $ 44 billion in foreign currency auction during the last year.

    According to reports that since the establishment of the Central Bank auction to sell the dollar to banks and corporate banking in 2004, central bank sales amounted to more than $ 312 billion since its inception, valued at 1180 dinars to the dollar, it has transformed 80% of these funds out of Iraq , while 20 percent have entered into the market.

    And emphasizes the facts that the file corruption auction very large currency and Iraqi funds were stolen through auction currency in accordance with the fake contracts, a hushed previous governments on these abuses, which alerted many economists and parliamentarians to looting studied in the bank for the central and the government overlooked is a sign that the parties and political figures the gangs involved in these processes, Banks constitute interfaces to the politicians and corrupt.

    In fact , the basis of many of the data , we can only say that the collapse in oil prices has revealed the fragility of the Iraqi economy and revealed corruption cases hushed by successive governments, the economic situation in Iraq is catastrophic already, and the Treasury today empty and burdened the budget deficit, and the debt on the rise, coupled with rampant corruption and the absence of control over the work of the Central Bank, which may be the most important failure and collapse of the economy factors, and with this bitter reality the hopes of the Iraqi citizen fade any economic reform intended.

    Amer Al-Omran

    Last edited by Loopback; 03-08-2016 at 03:50 PM.

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