Economists: Central Bank policy miscalculations will push Iraq into bankruptcy

Economists: Central Bank policy miscalculations will push Iraq into bankruptcy
March 21, 2016, 3:43 pm
Economist, criticized Monday, Central Bank policy is wrong, saying it will push Iraq toward bankruptcy.
David zayer said that "the decline in Central Bank sales, confirms that reserves unable to secure market", noting that "wrong political that the Central Bank will push Iraq into bankruptcy."
He noted that "there is a process of systematic plunder of Iraq's bankruptcy of reserves of hard currency, Central Bank bears this responsibility."
And he said the existence of laws that would provide hard currency to the market through the export of Iraqi products from cement and bourek each soil, electrical appliances and domestic products in Exchange for hard currency in the Iraq market.
"The Central Bank reserve ratio is less than 40% and he deals with through his rubber around the rise and fall of backup."
He was speaker of the House of Salim Al-jubouri earlier stressed the need not to draw from its foreign currency reserves in the Central Bank of Iraq and the importance of the enactment of the fiscal court to fight corruption.
And described the parliamentary Finance Committee member Magda El-Tamimi, the policy of the Central Bank of Iraq in Basra to sell as "serving". As far as.
And the statistic to the CBI reported the sale of the Bank's 2.5 billion dollars during the month of February the second low of more than 800 million dollars last January, which sold the Bank more than $ 3.3 billion.
And recently the Central auction sales registered a decline is minimal since months since several days does not exceed the 100 million dollars compared to the previous months even after the financial crisis that began with falling oil prices in July 2014 were ranging between 225 to 300 million dollars, and sometimes more.
And raised suspicions of corruption and money laundering through auction, the Central Bank announced, specialized correctional court integrity issues, economic crime and money laundering, on 20 August issued sentences of imprisonment and pecuniary right bank officials and the North after being convicted on charges of corruption and money laundering, the banner earlier in the presence of 20 accused in these cases some degree of Chairman.