Replace the Currency Auction on Open Letters of Credit: Finance Committee

Iraqi Dinar 123 News:– A member of the Iraqi Parliamentary Finance Committee Majda Al Tamimi assured on Wednesday that leading people are the real successors and they are getting benefits from the sales auction of foreign currency at the Central Bank of Iraq. Even though, the Finance Committee is suggesting the importance to replace the foreign currency auction open letters of credit. Al Tamimi further added that alleged to replace the foreign currency sales auction with open letters of credit. She also stressed that the importers should purchase goods by opening an account and should be transformed by the allocations accredited the intention that this specific mechanism is more transparent in order to send money for the purpose of imports. She further added that foreign cash sales auction of hard currency at the Iraqi Central Bank has punctuated due to a heavy exploitation and distortion of sales documents. She also pointed that there are a large number of investors supplying fake invoices and statements. She also said that the hard cash reserves at the Iraqi Central Bank are moving to specific powerful people. She indicated that dominant people are the real grantees of the hard currency sales auction.

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