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Kaperoni Moderator Central Bank of Iraq (CBI) News
An international investigation team reveals to Ebadi the rampant corruption in the dollar auctions of the Iraqi Central Bank

Dozens of Iraqi officials are involved in waste and theft of $ 1 billion a day …

20/11/2017 – 13:47   Economy / Iraq   An international investigation team reveals to Ebadi the rampant corruption in the dollar auctions of the Iraqi Central Bank

A source close to Iraqi Prime Minister Haider al-Abadi said on Monday that the international team investigating corruption files in Iraq, Abadi told the involvement of dozens of Iraqi officials to waste public money and stolen through the dollar auctions of the Central Bank of Iraq.

According to the source, “the investigations revealed that Iraq is wasting large amounts of money, sometimes amounting to one billion dollars per day, because of the difference between the dinar exchange rate between the auction and the black market.”

He added that “the auction was not controlled because of the entry of banks not approved daily auctions and benefit from the exchange rate without realistic processors, in addition to the introduction of ten companies and money exchange in the auctions, without effective control,”

noting that “most of the banks owned by Iraqi officials or They have big shares in them, and entering the auction means raising the capital of the bank ten times a year at the expense of blocking the dollar at the state price for the ordinary citizen.

The source said, “The team informed the Prime Minister, Haider Abadi, the completion of the investigation of the auction file, and disclosure of funds deposited in foreign banks to dozens of Iraqi officials.”

He stressed that “Abbadi directed the Central Bank to adopt international classifications to give banks the dollar and engage in auctions, in exchange for maintaining the dollar exchange rate, which remained stable at 1180 dinars to the dollar,” pointing out that “the Central Bank is currently taking procedures to write off 24 out of 42 A bank involved in daily auctions to sell the dollar. ”

http://www.basnews.com/index.php/ar/economy/2017-01-26-12-23-03/394109

kw      Well well…this is news!

monty.monks.007    I think that we could see something change very soon with the currency auction, and thel 2 % spread.

LovesBudgies    Kap et. al. –what effects fo you think the recent passage of the CBI banking law will have on transparency and cracking down on the auction corruption? I know they are now supposed to have 5 outside board of directors as part of it.  Who makes up the “internaional team” of investigators?

Punisher     1 billion a day!!!! That is worst than even imaginable. Now that this is out in the public open they are gonna have more pressure to stop the darn auctions!

Paxx      What a slow process. Sometimes I don’t think this will happen any faster then Viet Nam, South Korea any other developing country. Which begs the question. Why I am in this again? [:/] Seriously though, thank you so much Kap for your day to day efforts to shine light in their developments.

Kaperoni   Moderator    I would assume its the IMF and UST as stated in the Article IV helping with the spread.  They should have several months of info by now to go after the corrupt.

Kaperoni    Moderator  International investigators reach Abadi , the involvement of dozens of officials of wasting money through the auction currency

21/11/2017  Number of readings: 55 – Issue (4068)

reported close to Prime Minister Haider al – Abadi source, on Monday, that the private international team to investigate corruption in Iraq files, told Abadi , the involvement of dozens of Iraqi officials wasting public money stolen through auctions Dollar Bank Iraqi Central.

The source said in a press interview, ” The investigation revealed that Iraq has wasted a lot of money sometimes up to one billion dollars per day, because of the exchange rate of the dinar between the auction and the black market price difference.”

“The auction has not been brought under control due to the entry of banks are not supported auctions daily and take advantage of the exchange rate difference without realistic treatments, as well as the introduction of ten banking companies and money transfer in the auctions, without effective control , ” he said, adding that “most banks owned by Iraqis or officials where they have large stocks, though entering the auction means to raise the bank ‘s capital ten times a year to withhold the dollar at the price of the state for the ordinary citizen account. ”

The source continued, ” The team told the prime minister, Haider Abadi , the completion of the investigation file in the auction, revealed the money that is deposited in foreign banks to dozens of Iraqi officials.”

He stressed that “Abadi , the face of the Central Bank of the adoption of international classifications to give banks the dollar and bring them into the auctions, versus maintaining the dollar , which has remained stable at 1180 dinars per dollar exchange rate”, pointing out that ” the central bank is currently under sentence procedures to write off 24 out of 42 banks involved in the daily auctions to sell the dollar. ”

http://almadapaper.net/ar/news/539051/%D9%85%D8%A7%D9%84-%D9%88%D8%A3%D8%B9%D9%85%D8%A7%D9%84

mike   Moderator   “most banks owned by Iraqis or officials where they have large stocks, though entering the auction means to raise the bank ‘s capital ten times a year to withhold the dollar at the price of the state for the ordinary citizen account. ”

The whole world knows that Iraq is corrupt, their leaders are complicit and pioneers in manipulating the currency auction in Iraq. What’s missing is the political will to punish those in power who are using these auctions to benefit themselves at the expense of the people. We all know that there’s never been a billion dollars go through the currency auctions but it’s pretty spot on when you look at it for a month’s time frame.

Iraq needs more banks, reducing 50% because of corruption is one step forward and one step back. Pass the deposit laws and allow the free market to grow and expand. A part of that is allowing these private banks to enjoy the benefits that the state banks have (Rafidian etc.)instead of funneling 95% of Iraq’s revenue through banks one institution.

The UST has been in Iraq for over a year, they know who’s corrupt and where the money’s gone, discovering that isn’t the problem. The problem is Iraq’s lack of charges, trials, convictions and penalties for the larger players like Shahristani, Maliki, Badr, Ameri and a slew of other senior Shia leadership.

If not the Iraqi’s themselves, the US needs to freeze and confiscate those with funds outside of Iraq, it will expose the crooks and take the one thing they really seem to value. Their money. Without it, they can’t fund their militia’s and patronage to those who support them.    IMO

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Tobyboy      I remember months ago they were told of the corruption of funds in the CBI and here we are almost another year and they have not done anything about the corruption. Been saying for long time most of the politicians are corrupt. Until you weed of the corrupt politicians nothing will happen.

I am sure Abadi is not going to have his shia friends & relatives arrested. Will probable go after the Kurds & Sunni’s rather than his own party instead of the big shia whales causing most of the corruption.

Abadi has known for a long time now who are corrupt and which companies are involved in the corruption, I had said this well over  year of his knowledge. You have to be a moran not to know. Again follow the money trail, you can not move the hugh amounts around without leaving a trail.

After all this time of passing the anti money laundering law & I don’t believe they have activated this law yet. They only passed the law to apease the IMF. so they could continue receiving funds from the world bank & IMF. If anyone has seen where they have activated this law please correct me.

Punisher     ISIS is over Toby. Abadi has now turned his attention towards Corruption. At least he is trying. Maliki helped create this mess.

http://dinaralert.webs.com/apps/forums/topics/show/13459213-an-international-investigation-team-reveals-to-ebadi-the-rampant-corruption-in-the-dollar-auctions-of-the-iraqi-central-bank

KTFA
DebTarHeelGirl

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