Sumerian news published details of corruption volatile instruments.

Thursday 19 may 2016 14:56

Sumerian news/Baghdad

Serious financial mafias emerged after 2004 to obtain millions of dollars in funds from the Central Bank's auction through what is known as volatile instruments, these individuals have formed mafia money to obtain illegal profits may not exceed obtained only for a few hours بالتواطئ with banks to enter the auction currency via the central commercial imports having delusions.

The banking system provided byIraq behind the emergence of these mafias

He says the House Finance Committee member Masood Haider in an interview for alsumaria News reported that "there are some people who are بالتواطئ with some banks to deposit the instruments of these banks which concentrate in order to participate in the auction currency, to buy the dollar and sell it in a few hours, taking advantage of the price difference between the Central Bank and the market to make millions of dollars," indicating that "the Central Bank within 48 hours notice of the bank transfers the instrument to that person returned before this Period without being detected and had legal process.

Adds Haider "volatile instruments exist only in Iraq because its banking system is old," pointing out that "there are Government and private banks officials complicit with these people to get quick profits illegally via a currency auction.

Haider refers to "a lot of people benefited from a gap in the banking system in Iraq and won millions and became wealthy," adding that "these people themselves are involved in the auction and profits, so that the obtained money is haraam."

Haider stresses that "Parliament tightened more on the Bank's auction, the Central Bank, closing the door on the corrupt bankers", pointing out that the Central Bank could fill that gap two years ago.

Volatile instruments affect the stability of the currency

Former economist emphasizes the Central Bank on behalf of Abdulhadi in interview for alsumaria news "daily speculation by traders across volatile instruments affect the stability of the exchange rate and the size of foreign exchange reserve currency because Iraq needs the Bank of foreign trade, these speculators are using these reserves for the purpose of profit".

Abdul Hadi shows that "volatile instruments often used by merchants or banks to buy foreign currency through a limited period deposits into the account and then be pulled and sometimes uses them daily to get the ratio of foreign exchange via Central Bank auction, so that this process does not refer to the financial efficiency of the customer but getting foreign currency for profit on bulls and they usually harvest from the price difference between the Bank and the market", pointing out that "sometimes ylgao'n to tricks and cheat Forging in their documents by changing their names or the names of the mother to enter the Central Bank auction. "

Abdul Hadi adds that "the salvation of volatile instruments is to rely on documentary credits for foreign trade and therefore the Bank is giving the dollar traders but to pay the value of the goods through an account opened in the Bank, so you had a business it pays his Bank through the credit."

Abdul Hadi asserts that "Central Bank, square boundary himself from the corruption that get by some spirited, but some officials are pushing to make money through it.

Electronic clearing is the solution.

Electronic clearing are the perfect solution to eliminate volatile instruments Economist says pretty name Antoine's interview for alsumaria News reported that "the optimal solution to eliminate volatile instruments is across the clearing, the Central Bank could claim funds for instrument within seconds and minutes."

Antoine notes that "volatile instruments are sort of going around the law that gives the instrument and has no balance and which are often rolled between the person and the Bank to delay the process of clearing the Central Bank for the purpose of purchasing and benefiting from dollar to sell it again for profit".

"Antoine draws this process is kind of a fraud on the law and be held accountable by law as it previously delivered such instruments with no balance, punishable by imprisonment for three years and fined one three times, only to spin out the system and laws in the country that they reflect the economic reality of Iraq and random bugs with banks", noting that "red tape and partisan political interventions and corruption led to prevent sanctions against violators.

This Sumerian news will publish the names of those involved in corrupt operations on volatile instruments soon.