Major Corruption found in the Currency Auction Window at CBI

A member of the Iraqi Parliamentary mini-committee on budget follow-up, Abdul Hadi Al-Saadawi issued a statement that the currency auction isn’t under the control of the Central Bank of Iraq, although the closing sells 150-200 million U.S dollars on a daily basis. The press statement of Al-Saadawi has indicated that there are problems and irregularities recorded on the sale of the currency by the Central Bank as well as the currency exchange rate, which is often moving and unstable in most cases”. He pointed out that any candidate for the post of governor to sit with the parliamentary finance to discuss these two issues.

Major Corruption found in the Currency Auction Window at CBI

MPs from various blocs and components often speak of large corruption at the currency sale auction by the banks and individuals alleged of money laundering. In 2015, the Supreme Judicial Council has decided to set up a judicial investigation body to consider documents on money laundering but hasn’t announced the results of its investigations. The deputy for the province of Dhi Qar said there is a complete conviction is available in the parliamentary finance confirms the existence of corruption in the window selling the currency due to the way the sale of the U.S dollar and those dealing with the Central Bank.

Al-Saadawi proposed that solving the problem of selling the currency and reducing the phenomenon of corruption by monitoring all Iraqi private banks and banking companies in the issue of selling the currency. He also pointed out that the Central Bank of Iraq sales of the U.S dollar range from 150 to 200 million U.S dollars on a daily basis. Al-Saadawi added that there are annual, quarterly and monthly reports submitted to the Finance Committee of the Parliament from the Office of Financial Supervision and the Integrity Commission since 2014. These reports confirm the existence of manipulation and major corruption in the window of selling the currency.

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