Currency Auction Caused Hovac in Iraq’s Economy : Tamimi

Iraqi Dinar 123 News:– A member of the Iraqi Parliamentary Finance Committee Majida Al-Tamimi criticized the Iraqi Central Bank. She pointed out that Central Bank of Iraq should close down the blind quotas for CBI administration and political, from the foreign currency auction. Al Tamimi further added in her statement published on her official website that the administrative and political blind quotas are confusing the performance of the government institutions, especially harmful for the economy of the country. She stressed the requirement of specialists needed by the Iraqi Central Bank to manage the economy and monetary policies, but it should not be according to the quotas which caused the downfall in the economy of the country.

Al Tamimi further said that Iraqi Central Bank must decrease the sales of hard currency despite of our claims of heavy increase of the foreign currency auction, specifically we experienced that these sales are often managed from the cash reserves of Iraqi Central Bank. This procedure reflected negatively on the amount of reserves at the Iraqi Central Bank. She emphasized that managing the quantity of foreign currency cash reserve has its own importance and it should be according to the international standards. He said that there is a huge disproportion in the foreign currency auction. This situation is showing that a number of customers from private sector are buying U.S dollars at official rate from the Iraqi Central Bank under the plea to cover the imports. It is important that most of the profit of U.S dollar currency auction is going into the corrupt pockets.

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