New Mechanisms Would Reduce Corruption in the Auction Sales at CBI: Economic Commission

New Mechanisms Would Reduce Corruption in the Auction Sales at CBI: Economic Commission

Iraqi Dinar 123 News:– On Monday, the Iraqi Parliamentary Economic Commission issued a statement that the Iraqi Central Bank has focused its concentration on the Iraqi imports. It would decrease the level of corruption that tainted the currency auction at CBI. A member of the economic committee Nora Al Bajara said in a press interview that decrease in the sales of foreign currency at the Central Bank was due to the worsening Iraqi economic and financial situation and a number of local and foreign investors showed a fear of lack of money in the country. Al Bajara further added that Iraqi Central Bank has adopted perfect and strict mechanisms to control Iraqi imports. These mechanisms would control the currency smuggling and imports of goods for the country.

It is also said that working with these mechanisms and procedures adopted by the Iraqi Central Bank would also decrease the level of corruption in the sale of foreign currency auction operation. She further added that all the institutions have confirmed the presence of corruption in the sale of foreign currency at CBI. The benefits receivers from the sale of foreign currency used some illegal ways, but now they would reduce their activities due to the fear of new mechanisms adopted by the Iraqi Central Bank. On Monday, the sale of foreign currency recorded with a low auction at 114 million U.S dollars, but CBI sold 118 million U.S dollars on previous day and it was considered the lower sale at CBI daily auction.

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