Calls for banking sector governance to stop the corruption of the currency auction

The economic expert, Salam Samisem, called for banking sector governance to stop the corruption of the currency auction and stabilize the Iraqi dinar. “The importance of the currency auction stems from the fact that it is an auction for the exchange of foreign currency to cover large expenses to support Iraq’s foreign trade, and on the other hand to help in the partial withdrawal of the local currency from the markets to help maintain specific levels of inflation, Selling the dollar to the owners of commercial transactions and banks at legal prices, but the entry of the political line on the banks make business deals with a lot of suspicions of corruption.

Samisem stressed that without a real governance of the banking sector can not stop the corruption of the auction of currency, because without it are not processing the banks in dollars mainly, especially as the currency offer is a major base to provide stability for the Iraqi currency. The Central Bank of Iraq had earlier announced its decision to deprive three private banks and 99 banking companies from entering the window selling the currency, for violating the laws and regulations on the purchase and sale of foreign currency. Several documents revealed the biggest corruption outlets, of which $ 312 billion were leaked through central bank auctions to sell the currency through fake bills.

Exchange rates of the Iraqi dinar/dollar and other currencies 4-12-2018
The citizens know they are about to add purchasing power to the currency.