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06-20-2016, 10:02 PM
Parliamentary Finance: Most banks and shops to drain currency


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Direction Press / follow-up
Parliamentary Finance Committee described on Monday, most of the banks operating in Iraq as "boutiques" to drain hard currency, while showed that part of the money smuggled up to terrorist organizations.
A member of the committee MP Masood Haider in an interview, said that "Iraq's banking sector needs to re-structure and classification by the Central Bank", arguing that "there are a lot of banks that are not based real banking work but are shops engaged in the work of an auction currency and contribute to the smuggling of hard currency Iraq ".
Haider added that "these banks to help drain the Iraqi economy," pointing out that "there are doubts among the security forces responsible for these banks, that the portion of those smuggled money could reach them to terrorist organizations."

It escalated accusations over the currency that has cast a shadow on the sale of the dollar in the domestic market prices of smuggling operations, while MPs demanded that the government take the initiative to stop the sale of currency operations in the auctions of the Central Bank, and others stressed that Iraq is losing big money due to smuggled daily out of bounds, despite the acclaim of many specialists in economic affairs on the positives of the auction to reduce the rates of inflation and to control the value of the Iraqi dinar.

He said some specialists that most of the banks operating in Iraq are small and unable to carry out their work properly, and there are in Iraq 24 banks waged carries on its business, in addition to 10 Islamic banks, as well as 18 foreign banks.