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Video: Banks between credit work and currency auctions


6ly410
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The central bank is still continuing with its daily auction to finance imports described as miserable and fictitious through the auction process of banks most of which did not practice credit or consider general economic interests.

 
Banks that are less than they are said to be founded to live on the currency auction and to be more like offices for financial transfer are closed most of the time to citizens and carry signs for the names of banks, but they do not practice their banking work.

According to financial experts, the rate of what the Central Bank sells annually to finance private sector imports exceeds forty billion dollars, which is a large amount compared to what Iraq imports, which does not exceed thirty billion dollars annually .. Experts see that the auction has become a place for the profits of banks and out of the hard currency to import some of them are fake By offering some documentary credits, some banks claim that business deals are covered.
 
 
Economists say that millions of dollars go out every day through the auction of the central bank to import goods and merchandise that flooded the market and harmed local production, and that many private banks in Iraq moved away from credit work because of the low return from it and thus went to get their share from the central auction.

A large number of financial policy specialists opposed the currency auction, which they considered a waste of public money in this circumstance if it was not organized and employed in a way that serves public and economic interests.
 

On the other hand, deputies demanded that the government should stop selling the currency at auctions at the central bank, others asserted that Iraq is losing big money due to its daily smuggling out of the borders
Edited by 6ly410
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Nothing new here. Everyone in finance knows this has been the cash cow

for the fake banks which are owned by many politicians. This is why Maliki

issued an arrest warrant for Shabibi back when he tried to stop the auction.

After that bold move,nobody ever tried to reform the system again..

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LB, I don't think these daily auctions will ever stop until a new CBI governor has been installed. Iraq just has to many corrupt people in all the right places to get them out of this mess. 

I am hoping the demonstrators don't forget about their 1 month time frame they gave this new PM to meet their demands an take back to the streets with the protest....

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4 hours ago, DoD said:

LB, I don't think these daily auctions will ever stop until a new CBI governor has been installed. Iraq just has to many corrupt people in all the right places to get them out of this mess. 

I am hoping the demonstrators don't forget about their 1 month time frame they gave this new PM to meet their demands an take back to the streets with the protest....

Thanks for your input DoD,

The new PM was the chief of the intelligence agency for many years, he knows who is who in the Government. He have many files on his hands ( corruption, money laundering, terrorism support, The killing of protesters, oil smuggling).

I believe he is working with  the US, IMF, UN, WB to get things in order In Iraq.

just my opinion.!

 

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