Iraqi currency in circulation up to more than 27 trillion dinars

[maddy]

May 23, 2010 · Posted in NEWS

May 23 2010

Kawthar – Middle East: The general director of Iraq’s largest bank is the only country in the world, which is the exchange of liquidity into the bags, he went to Iraq to delete the zeros from the currency to overcome the problem of huge liquidity in the country.

The general director of Bank of Iraq, Abdul-Hussein al-Yasiri, the Iraqi currency in circulation «or what we call liquidity, a very large, amounting to more than 27 trillion dinars, but unfortunately we find that the circulation of currency is by the bags, there is no country in the world treat bags in trading currency, and the enclave is Valtdol personal portfolio, and that there is a tendency to delete some of the zeros from currency .

Revealed an Iraqi official for embezzlement of huge amounts of money in one bank branches in the province of Basra, saying that the process is orchestrated by the President of the National Bank of Basra, in coordination with the Bank of Iraq branch of al-Basrah, the Iraqi official, however, did not specify the value of this embezzlement.

The head of Bank of Iraq in an interview with «Middle East», that fraud occurred in the main branch of the tributaries in the province of Basra, the so-called branch of Algeria, also Branch Bank of Baghdad (7 insufficiency), «exploited the director of the bank mentioned the subject to give information to manage Iraq without informing the Baghdad branch, Here, spent huge amounts of money due to transfers for a period of time without an account statements by, we were able to uncover them in collaboration with the Department of the Inspector General, and through cooperation with the Ministry of Finance arrested a bank manager, Hassan Kubba, who wanted to liquidate its assets and smuggled out of Iraq, but we Astbakna events and with the assistance of military intelligence, we found, which is currently in prison with a number of staff in Basra and Baghdad, for interrogation on charges of embezzling large sums of money too, but unfortunately the exercise is great pressure on the investigating and the prison administration and even the judge, so I contacted the Minister of Finance, who supported us greatly to trial of this accused, and we have to freeze all funds », explaining that he has doubts about that person using these large amounts of money in other things, make it clear that currently points investigative Where are these funds.

He also pointed Yasiri files to a major corruption has been exposed recently, is to re-evaluate all the personnel files of those receiving salaries from Iraq, either retired or other groups, said «It is between one million people and found that there are more than 71 thousand cases fall within the corruption, with detection and identification are paid salaries, and several different destinations, and the decision was made to stop their salaries delusional and turning them for the Elimination .

Abdul Hussein al-Yasiri, who recently won the membership of the Iraqi parliament for Najaf province, said that he would be part of the Economic Committee, and the first decision will be taken is to rid Iraq from the clutches of the seventh item, which has damaged much of the property and funds of Iraq, he said, pointing out that a lot of money stolen under the pretext of compensation «and became both the sundry claims on Iraq debt or damages and take in agreement with the law firms and, unfortunately, that is what the Jordan some time ago when it seized Iraqi funds deposited with it on the grounds that traders Jordanian their belongings with Iraq, and this is totally wrong, the information received I suggest that law firms began approaching people and traders there and convince them to submit claims, following the successful cases share the money among themselves, and took large sums of money had been frozen in Jordanian banks under the Act of 30 Jordanian », referring to the debt of Kuwait, which he described without substantive« because they raise the ire of people Iraqi, who rose against (former Iraqi President) Saddam, because he invaded Kuwait in 1990 Unfortunately most Kuwaitis are resentful now on Iraq and its people, although it caused them harm and also for us is the same person, Saddam Hussein .

The Yasiri also that the Bank of Iraq have suffered a lot in the past ranging from the imposition of economic sanctions in 1991 and so far, and the harm has mostly taken place during the entry of U.S. forces in Iraq, according to Iasri the of the 147 branches of the tributaries 17 branches settled with the land and stolen money, furniture and demolished buildings, , 27, another branch ratios sabotage reached 50%, «even came to the liquidation of Bank of Iraq, this imposing edifice, which was founded in 1941, because of the devastation, debt and spending, which reached 45 billion Iraqi dinars per month, and a loss of 5.8 trillion dinars and debts amounting to 28 billion dollars , and the loss of the bank; accounts parked billion and 800 million dollars and the presence of Moukova the Trustees of the Fund amounting to 33 billion dinars, and the number of accounts corresponding to the total 147 branches, only 12 branches match, and documents were burned in 27 branches, financial documents with a lot of other problems, but I worked to keep this edifice and convinced the government to this, and actually back now stronger than before, and around the loss to a profit after a few months in 2006, reaching 321 billion, and in 2007 won the bank 727 billion, we actually pull 70% of the liquidity of Iraq, amounting to 24 trillion Iraqi dinars from of the 28 trillion dinars, bearing in mind that all banks Iraq do not have 30% of this financial magnitude, and we are currently supporting the industrial economy and service, construction, and loans to farmers, especially housing projects, the number of units of housing needed by the country of 3 million units, so we went to the bank real estate and its curve 300 billion dinars, we also support internal and external trade, and lent the Ministry of Electricity 5 trillion dinars, the Ministry of Industry 24 million dollars for the rehabilitation of companies .

The director of Rafidain Bank of Iraq, it is currently being re-opening of all bank branches outside Iraq, and the development of new branches in Gulf, Europe and America and Iran, China, France, «especially for our membership in the Federation of French banks, as well as in Brussels and Germany, we currently have branches operating in the Bahrain, Sana’a, Abu Dhabi, Cairo and Alexandria, Beirut and Jordan .

http://www.alcauther.com/html/modules.php?name=News&file=article&sid=14180

[lechesuerte]

Thanks maddy. Interesting stuff although it is somewhat confusing. They really need to get a handle on the corruption there.