Up to $1 Million Differences Found in the CBI Currency Auction: Integrity Commission

The Iraqi Parliamentary Integrity Commission issued huge differences in the sale of currency. Sumer News indicated that approximately 1 million U.S dollars to sell every 10 million of the Iraqi currency. The news agency reported that a member of the Iraqi Integrity Commission, Abdul Karim Abtan informed that significant amount of differences regarding the sale of currency have been recorded by the Integrity Commission. He also said that the recorded differences about the sale of U.S dollar were more than 1 million U.S dollars against the sale of every 10 million Iraqi currency. He added that buying price of the U.S dollar was 119 and selling price was 125. He also called for the formation of the commission of inquiry to investigate and discover the hidden truth regarding the issue and elements behind the scenario. Economic experts have pointed out that one of the most accused files that are considered entirely corrupt in all aspects is the file regarding currency auction.

Up to $1 Million Differences Found in the CBI Currency Auction: Integrity CommissionThis file has become the evidence of corruption growth publicly and it was under the knowledge of CBI officials, but Iraqi government hasn’t yet initiated any action regarding the issue. The issue has its own importance because it is the fact that it has been considered an auction for the exchange of foreign currency in Iraq in order to manage huge expenses to support foreign trade of Iraq. On the other hand, it helps the limited withdrawal of the Iraqi local currency from the domestic markets to support in maintaining the specific inflation levels. The Central Bank of Iraqi earlier announced its decision to seize 3 private banks and 99 banking companies to participate the currency selling window. These companies were found violating laws and regulations on the buying and selling of foreign currency. These companies also created confusion in the Iraqi domestic markets.

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