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REPRESENTATIVE ECONOMY CALLS FOR STOPPING THE DEPLETION OF HARD CURRENCY BY SELLING AUCTIONS Monday, 30 November 2020 1:20 PM Post View: 20 Baghdad / National News Center - The Parliamentary Economic and Investment Committee demanded, on Monday, to stop the depletion of hard currency in the auction in which hundreds of billions of dinars were wasted profits for banks belonging to their pure ownership or in partnership with influential political parties. In her words. A member of the committee, Mazen Al-Faily, said in a statement received by the National News Center, a copy of it: “We renew our demand to stop the depletion of hard currency in the sale auction in which hundreds of billions of dinars are lost every month in illegal profits that are acquired by banks that raise many indicators of their ownership In exchange, or in partnership with influential political parties, and due to the lack of transparency and clarity in publishing the amount of dollar sold to each bank daily, the available information indicates that some banks profit more than eighty billion dinars per month, meaning that this bank alone acquires enough monthly salary of ( 400) thousand dinars for more than (200) thousand citizens. If we calculate the average family of five people, it is sufficient to support one million Iraqis a month. Al-Faily added: “Among the proposed solutions to this crisis that is draining public funds: - 1. Putting the currency selling activity in all its stages under the eyes of the public opinion and the supervisory authorities in order to prevent manipulation and end the illegal profit by banks that are relying on the depletion of public money. 2. That the central bank take clear measures by directly selling dollars to actual traders and citizens without going through intermediary banks that do not provide any developmental economic activity. 3- Profits tax can be calculated in advance to ensure that additional revenues are collected from the sale of the dollar in the currency auction.
