Economist: central bank policy will push Iraq into a false bankruptcy

March 21, 2016 15:43
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He criticized the economic expert, on Monday, the central bank's policy wrong stressing that it will push Iraq toward bankruptcy.

David Zayer said that "the decline in central bank sales, confirms that its reserve is unable to secure the required in the market," pointing out that "the wrong policy pursued by the Central Bank of Iraq will pay to bankruptcy."

He pointed out that "there is a process of systematic looting of Iraq to the bankruptcy of its reserve of hard currency," stressing that "the central bank assumes this responsibility."

He pointed to "the existence of laws capable of providing hard currency to the market through the export of Iraqi products and Alburk of cement, soil, electrical appliances and local products in exchange for hard currency in the market of Iraq."

He stressed that "the central bank reserve ratio less than 40% and it handles Bmtatih through his remarks about the rise and fall of backup."
The House Speaker Salim al-stressed earlier in the need not to drag of foreign currency reserves in the Central Bank of Iraq and the importance of financial legislation Court to fight corruption law.

And he labeled a member of the parliamentary finance committee Majida al-Tamimi, the Iraqi Central Bank's policy in the auction to sell the currency as "serving the corrupt." According to the plan.
The statistics of the Central Bank of Iraq reported the sale of the bank $ 2.5 billion during the month of February the second low of more than $ 800 million from January last, who sold the bank more than $ 3.3 billion.

It was noted recently that the central auction sales recorded a decline was the lowest it months ago where he did not exceed the number of the 100 million days barrier compared to previous-month period and even after the financial crisis that began with a decline in oil prices in July 2014 were ranging from 225 to 300 million dollars and sometimes More.

And raised suspicions of corruption, fraud and money laundering through the central bank auction as announced, specializing in national integrity and economic crime and money laundering a misdemeanor court, on 20 August issued sentences of imprisonment and a fine against officials in the Rafidain and the north after being convicted on charges of corruption and money laundering, a banner in the earlier to the presence of 20 defendants in these cases, some degree of chairman. "