80% of foreign exchange sold by the Central Bank of Iraq fled to the outside

By Roudao 7 hours ago

Roudao - Erbil

The Economic Committee in the Iraqi Parliament revealed, on Thursday, that 80% of the $ 312 billion sold by the central bank in 12 years, had been smuggled abroad.

This came in an interview with a member of the economic and investment commission proof Mamouri, during a press conference with several members of the Committee.

Maamouri said "12 years ago to establish a central bank auction, it was sold 312 billion dollars, 80% of which was transferred to outside Iraq."

He explained that "the participants currency auction sale of the banks and companies, their aim to obtain hard currency at a lower price; to be smuggled out of Iraq, after the submission of forged trade documents."

He added that "the central bank's policy has led to a significant waste of hard currency that enters the country as a result of the sale of oil."

He pointed out that "the central bank reserves fell to less than $ 50 billion as a result of this policy."

The Iraqi central bank sells to Iraqi banks and corporations dollars at 1180 dinars to the dollar, while the market price of over 1300 dinars.

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