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Representative economy calls for stopping the depletion of hard currency by selling auctions


yota691
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Representative economy calls for stopping the depletion of hard currency by selling auctions
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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.

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The information / Baghdad ..
Member of the Parliamentary Integrity Committee, Khaled Al-Jushami, criticized the Central Bank, on Monday, for its insistence on selling the dollar at a price (119) despite its rise in the local market to 125,500, indicating that this difference goes to the pockets of the corrupt bank owners
. /, “The rise in the dollar’s exchange rate in the local market rose to 125,500, while the central bank is still selling it at its fixed price of 119 ″, suggesting that“ the bank raises its selling price or prevents its rise in the local market ”.
He added that "this abuse in the local market stands behind corrupt parties so that money goes into their pockets and this is a disaster," noting that "this banking imbalance is borne by the Prime Minister because he chose an acting governor who has no experience in money and banking and is a man of law."
He explained that “Article (13 A) of the Central Bank Law forces the Prime Minister to choose a personality for the position of the governor with financial and banking experience, and these conditions are not provided by the central bank governor, but he is a legal man.” The central bank to vote on one of them, as well as to return the exchange rate of the dollar in the local market to 120, ie by one tiger. Ended / 25 AD

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Monday 30 November 2020 | 12:55 PM
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Member of Parliament, Representative Mazen Al-Faili, called for stopping the depletion of hard currency in the auction in which hundreds of billions of dinars were lost as profits for pure-owned banks or in partnership with influential political parties. "We renew our call to stop the depletion of hard currency in the selling auction, in which hundreds of billions of dinars are lost every month in illegitimate profits acquired by banks that raise many indications of their pure ownership or partnership with influential political parties, and because of the lack of transparency and clarity in publishing the amount sold for each bank," Al-Faily said. Daily from the dollar, 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 It suffices to support one million Iraqis a month, and if we collect to it the profits of the rest of the banks, trillions of dinars will be available annually.

Al-Faily suggested some suggested solutions to this crisis that drains public money: -

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 illicit profit by banks that live 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.

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Today, Sunday, a member of the Parliamentary Finance Committee, MP Muhammad Al-Darraji, filed a legal complaint, calling for an investigation to be opened regarding the window for currency sale.

In his request submitted to the Iraqi judiciary, Al-Ahed News obtained a copy of it, Al-Darraji pointed out that “information has been circulated about the invalidity of the documentary credits invoices to the banks dealing with the sale of currency, and the failure of the Central Bank of Iraq to impose fines and disclose incorrect documents submitted by Beneficiary companies and people ”.

He stressed, “There is no match in the value of customs and tax financial imports with the value of the sums transferred through the window of sale of the dollar in the window of sale of currency,” noting at the same time that “the central bank and the customs service did not provide a list of the names of banks and people who evaded these obligations.”

The deputy stressed that "these breaches caused damage to the national economy and led to smuggling of hard currency and reducing revenues as well as adopting an unreal value of the dollar against the Iraqi dinar, which led the government to pursue a borrowing policy that would destroy the Iraqi economy."

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Representative economy: bank profits from the currency auction are sufficient to support one million Iraqis per month
  
{Baghdad: Al Furat News} A member of the Parliamentary Economic and Investment Committee, Mazen Al-Faily, called for a halt to the depletion of hard currency in the currency auction, in which "hundreds of billions of dinars are wasted as profits for banks belonging to their pure ownership or in partnership with influential political parties."

"We reiterate our call to stop the depletion of hard currency in the selling auction in which hundreds of billions of dinars are lost every month in illegitimate profits acquired by banks that retaliate many indications of their pure ownership or in partnership with influential political parties," Al-Faily said in a press conference held in the Parliament Building.
He added, "Because of 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 Of (200) thousand citizens and if we calculate the average family of five people, it is sufficient to support one million Iraqis per month.
Al-Faily presented proposed solutions to this crisis that drains public money, namely:
1- Putting the currency selling activity in all its stages under the eyes of the public opinion and the supervisory authorities to prevent manipulation and end the illicit profit by banks that are dependent on the depletion of public money.
2.- That the central bank takes clear measures by directly selling dollars to actual traders and citizens without going through intermediary banks that do not provide any economic development 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.
Ammar Al-Masoudi

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In the document .. Public Prosecution opens an investigation into the currency auction and the validity of its bills
  
{Baghdad: Al Furat News} The Public Prosecution opened an investigation into the request submitted by the member of the Parliamentary Finance Committee, Muhammad Al-Darraji, regarding the window for selling the currency by the Central Bank and the invalidation of his bills.

It is noteworthy that a member of the Parliamentary Finance Committee, Muhammad al-Darraji, filed a lawsuit requesting an investigation into the window for selling the currency.
Al-Darraji indicated in his request submitted to the Chief Public Prosecutor, that "information has been reported about the incorrect invoices of documentary credits for banks dealing with selling currency, and the Iraqi Central Bank's failure to impose fines and disclose incorrect documents submitted by companies and beneficiaries."
He stressed, "There is no match in the value of customs and tax financial imports with the value of the sums transferred through the dollar sale window in the currency sale window," noting at the same time that "the central bank and the customs office have not provided a list of the names of banks and people who have evaded these obligations."
Al-Darraji stressed, "These breaches have caused damage to the national economy, led to smuggling of hard currency and reduced revenues, as well as the adoption of an unreal value for the dollar against the Iraqi dinar, which led the government to pursue a borrowing policy that would destroy the Iraqi economy."

Forgiveness Al-Khalidi

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In the document ... a request by a representative of the public prosecutor to investigate the currency auction
  
{Baghdad: Al Furat News} A member of the Parliamentary Finance Committee, Muhammad Al-Darraji, filed a legal complaint, demanding an investigation be opened regarding the window for selling the currency.

In his request submitted to the Chief Public Prosecutor, Al-Darraji pointed out that "information has circulated about the incorrect invoices of documentary credits for banks dealing with selling currency, and the failure of the Iraqi Central Bank to impose fines and disclose incorrect documents submitted by companies and beneficiaries."
He stressed, "There is no match in the value of customs and tax financial imports with the value of the sums transferred through the dollar sale window in the currency sale window," noting at the same time that "the central bank and the customs office have not provided a list of the names of banks and people who have evaded these obligations."
Al-Darraji stressed, "

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8 hours ago, yota691 said:
In the document ... a request by a representative of the public prosecutor to investigate the currency auction
  
{Baghdad: Al Furat News} A member of the Parliamentary Finance Committee, Muhammad Al-Darraji, filed a legal complaint, demanding an investigation be opened regarding the window for selling the currency.

In his request submitted to the Chief Public Prosecutor, Al-Darraji pointed out that "information has circulated about the incorrect invoices of documentary credits for banks dealing with selling currency, and the failure of the Iraqi Central Bank to impose fines and disclose incorrect documents submitted by companies and beneficiaries."
He stressed, "There is no match in the value of customs and tax financial imports with the value of the sums transferred through the dollar sale window in the currency sale window," noting at the same time that "the central bank and the customs office have not provided a list of the names of banks and people who have evaded these obligations."
Al-Darraji stressed, "

c845225d5c3e731efe343997f03eee08.jpg

I been waiting for this, BIS is on the move, just that quick after e-payments implemented. Shabibi wanted security for his currency!

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 2020-11-30 05:55
 

Shafaq News / A member of the Parliamentary Economic and Investment Committee, MP Mazen Al-Faily, renewed his demand on Monday to stop the depletion of hard currency through the currency auction organized by the Central Bank of Iraq, stressing that specific banks belonging to political parties are the biggest beneficiaries of this auction.

Al-Faily said in a statement received by Shafaq News, "We renew our call to stop the depletion of hard currency in the selling auction, in which hundreds of billions of dinars are lost every month as illegal profits acquired by banks around which many indications are raised about their pure ownership or in partnership with influential political parties."

Faily pointed out that due to the lack of transparency and clarity in publishing the dollar amount sold to each bank daily, the available information indicates that some banks earn more than 80 billion dinars per month.

 He stressed that this bank alone obtains enough monthly salary of 400 thousand dinars for more than 200 thousand citizens, and if we calculate the average family of five people, it is sufficient to support one million Iraqis per month, and if we collect to it the profits of the rest of the banks, trillions of dinars will be available annually.

Al-Faily suggested some solutions to this crisis that drains public money, by placing the currency selling activity in all its stages under the eyes of the public opinion and the supervisory authorities to prevent manipulation and end the illicit profit by banks that are dependent on the depletion of public money.

He stressed that the Central Bank should 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.

Al-Faily stipulated that a profit tax be calculated in advance to ensure that additional revenues are collected from the sale of the dollar in the currency auction.

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45 minutes ago, horsesoldier said:

. . . what's shocking is after years of talking about the corruption within the currency auction program and the ever increasing mountain of evidence . . . they're STILL talking about this !

Very true.. I feel more optimistic about this round though.. I recall hearing that inflation will increase dramatically when they stop the auction and it shouldn't stop until we are very close to rv/ri. Here's to hoping!

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5 hours ago, horsesoldier said:

. . . what's shocking is after years of talking about the corruption within the currency auction program and the ever increasing mountain of evidence . . . they're STILL talking about this !

Not that hard when you they were all corrupt and Iran was in there assinating and bribing people.

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4 hours ago, Longtimelurker said:

Very true.. I feel more optimistic about this round though.. I recall hearing that inflation will increase dramatically when they stop the auction and it shouldn't stop until we are very close to rv/ri. Here's to hoping!

Yes inflation will rocket up until they adjust incountry pricing and salaries 

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The Independent / - The Finance Committee in the House of Representatives confirmed the need to reconsider the currency auction, while calling for transferring it to the Ministry of Finance.

 

Committee member Ahmed Al-Saffar said in a statement to the official agency affiliated with it, today, Tuesday, that “the issue of the currency window of the Central Bank does not exist in all countries of the world except Iraq,” adding that “standards for transparency in work for the window are absent, and there is no daily bulletin issued for auction operations, nor We know the amounts sold in dollars. ”

 
 

He continued, "We stress the need to reconsider this window and transfer the matter to the Ministry of Finance, because there is confusion and overlap between the work of the Central Bank and the revenues generated from oil revenues."

Al-Saffar pointed out that “earlier it was proposed to open a customs tax office inside the bank and to complete the tax collection directly from the beneficiaries from the currency window, because the sums were paid against evidence of actual imports, as the tax was transferred directly, so the government would have achieved good amounts of revenues.”

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Information / Special ...
The Parliamentary Finance Committee revealed, on Tuesday, that a formal request had been submitted to the Presidency of the House of Representatives to question the Governor of the Central Bank.
Committee member Thamer Theban said in a statement to "the information", that "the coming days will witness an interrogation within the House of Representatives of the Governor of the Central Bank," noting that "the Finance Committee has submitted a formal request to the Presidency of Parliament to question the governor."
He added that "the governor of the central bank committed a big mistake regarding banks and the currency auction, and he will be questioned on this basis."
Earlier, the Parliamentary Finance Committee revealed that it will collect signatures to dismiss the Governor of the Central Bank of Iraq because the Council is not convinced of the answers provided during the hosting. Ended 25 T.

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Parliamentary Finance announces submitting a request to question the governor of the Central Bank
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Baghdad / National
News Center - The Parliamentary Finance Committee announced today, Tuesday, the submission of an official request to the Presidency of the Council of Representatives to question the Governor of the Central Bank.
A member of the committee, Thamer Theban, said in a press statement: “The coming days will witness an interrogation within the House of Representatives of the Governor of the Central Bank,” indicating that “the Finance Committee has submitted a formal request to the Presidency of Parliament to question the governor.”
"The governor of the Central Bank made a big mistake with regard to banks and the currency auction, and he will be questioned on this basis," said Dian.
Earlier, the Parliamentary Finance Committee revealed that it will collect signatures to dismiss the Governor of the Central Bank of Iraq because the Council is not convinced of the answers provided during the hosting.

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Editing date: 01/12/2020 10:21 • 63 times read
http://www.alliraqnews.com/uploads/news/image/medium/story_img_5fc5eee6b73e2.jpg
[Baghdad-Where]
The Finance Committee in the House of Representatives confirmed, on Tuesday, the need to reconsider the currency auction, while calling for it to be transferred to the Ministry of Finance.
A member of the committee, Ahmed Al-Saffar, according to the official agency, said that "the issue of the currency window of the central bank does not exist in all countries of the world except for Iraq," adding that "standards for transparency in work for the window are absent, and there is no daily bulletin issued for auction operations, and we do not know the amounts sold from Dollar. "
Al-Saffar stressed, "the need to reconsider this window and transfer the matter to the Ministry of Finance, because there is confusion and overlap between the work of the Central Bank and the revenues generated from oil revenues."
He pointed out, "Earlier it was proposed to open a customs tax office inside the bank and to complete the tax collection directly from the beneficiaries from the currency window, because the sums were paid against evidence of actual imports, as the tax was transferred directly, so the government would have achieved good amounts of revenue.
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1 hour ago, yota691 said:
Parliamentary Finance announces submitting a request to question the governor of the Central Bank
Post View: 15

 

 
 

Baghdad / National
News Center - The Parliamentary Finance Committee announced today, Tuesday, the submission of an official request to the Presidency of the Council of Representatives to question the Governor of the Central Bank.
A member of the committee, Thamer Theban, said in a press statement: “The coming days will witness an interrogation within the House of Representatives of the Governor of the Central Bank,” indicating that “the Finance Committee has submitted a formal request to the Presidency of Parliament to question the governor.”
"The governor of the Central Bank made a big mistake with regard to banks and the currency auction, and he will be questioned on this basis," said Dian.
Earlier, the Parliamentary Finance Committee revealed that it will collect signatures to dismiss the Governor of the Central Bank of Iraq because the Council is not convinced of the answers provided during the hosting.

Maliki goes after Shabibi cause Shabibi would not give him the money from the Central Bank coffers. You had Bassett Turkey, and then Maliki Cousin Ali-Alaq running corrupt auctions, not once was one of these two ever questioned, now they decide to go after this Central Bank Governor who worked under Shabibi. Hummm somethings fishy going on here!

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They have a closed economy with an exchange control.  
They use the dollar as an anchor of the economy to build reserves and control inflation.

As soon as they move to an open market economy, the exchange control will be lifted, multi currency practices will end and the dinar will be subject to the forces of supply and demand.

 

I don’t think we will see an RV in 2020..... Possible in 2021

 

just my opinion.

 

Go CBI

Go open market economy 

Go end of MCP

Go RV

 

 


 

 

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1 hour ago, Half Crazy Runner said:

Well, only 30 days left in 2020, so 2021 is ok by me 😄

The middle of January 2021, they are to star implementing the reconstruction contracts, so they need their own valuable currency to pay the contracts off. Beside they are a shareholder in the European Central Bank.

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47 minutes ago, Wheelman said:

The middle of January 2021, they are to star implementing the reconstruction contracts, so they need their own valuable currency to pay the contracts off. Beside they are a shareholder in the European Central Bank.

Good to know, thanks Wheelman! :twothumbs:

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