View Full Version : An investigative committee: Central Bank sold 56% of Iraq's oil revenues and more tha

04-08-2013, 05:53 PM
An investigative committee: Central Bank sold 56% of Iraq's oil revenues and more than half of them on to the Gulf and Jordan

2013/04/08 16:12

Term Press / Baghdad

Revealed the Truth in matches Development Fund of Iraq, said on Monday that the central bank sold during the past six years in the auctions process conducted by about 207 billion dollars, equivalent to 56% of the revenues of Iraq's oil in those years and confirmed that those sales were more doubles than you need the local market, they revealed that more than half of those sales went to specific banks poured their purchases from the bank in the Gulf and Jordan.

Committee Chairman Ahmad Chalabi in a press conference held at the parliament building and attended (range Press) that "central bank sales of dollar at auction daily during the years from 2006 to 2012, amounted to 207 billion and 832 million dollars," noting that "the bank sales equivalent to 56 % of Iraq's oil revenues in those years and $ 370 billion and $ 847 million. "

Chalabi said that the "central bank sales are weakening private sector Astorda during the period of 2006 and 2012", pointing out that "the Commission has doubts that the difference in the amount of money had been transferred to the money laundering process."

He continued the Chairman of the Truth in matches Development Fund of Iraq that "the Commission deepened in analysis and adopted a randomly selected from (April 15, 2012) to (June 15, 2012) turned out for her to set auction sales were seven billion and 301 Mellon dollars," adding that " five banks had their share of those sales of four billion dollars, equivalent to 57% of the value of sales. "

Chalabi said that "these five banks transformed during the follow-up Committee amount to two billion and $ 23 million to the National Bank of Abu Dhabi, also turned two and five million dollars to the Jordanian House bank money."

He Chalabi that "the Commission continued to audit and managed on its own access to information for these five banks and showing off her transfer orders for the month of April in 2012 that bought these banks from central bank auction amounted to 341,800,000 dollars," noting that "these banks have turned a total of 717,267,500 to exchange companies in the United Arab Emirates and Jordan in one month. "

Chalabi confirmed that "a lot of corruption money finds its way out of Iraq via this الحولات", explaining that "the Commission will resort to international parties specialized anti-money laundering for the required information on the funds that come out of Iraq."

The deputies, politicians and economists have accused the Iraqi Central Bank over the past months to burn "an average of four billion dollars a month in an auction of hard currency for the benefit of ten banks, mostly with capital Gulf, buy a day most of the claims of the Central Bank of hard currency and profitable obscene up to 6% what makes them the control of the Iraqi economy. "

And Iraq's cabinet decided on (16 October 2012), the prime BSA Abdul Basit Turki tasks central bank governor and agency rather than former Fed governor Sinan Shabibi on charges of issues financial and administrative corruption in the bank, especially in operations Auction dollars, but the something did not occur to the Bank's work and currency auction whereas the exchange rate of the Iraqi dinar significant decline against the dollar jumped from 1170 dinars to the dollar in the fall of 2012 to 1270 dinars to the dollar in April 2013.

The Fund said in a report issued in (21/03/2013) Following the end of consultations in Amman between a delegation of the Fund and the Iraqi delegation headed by VMware Planning Ali Shukri, and seen (long-Presse) it "an improvement in the financial sector", but stressed that what still "need to greater efforts by the central bank to revise the monetary policy tools and strengthen banking supervision, and accelerating the restructuring of the banking system."

And called on the International Monetary Fund Central Bank of Iraq to "progressive measures towards liberalizing foreign exchange through auctions held by the Bank so as not to repeat disorders suffered by the financial market in the past year."

UNFPA emphasized that "the establishment of a banking system nationalist requires abandoning the current model, which is controlled where weak banks state-owned, which has preferential treatment apart from private banks," calling on Iraq to do to strengthen its financial institutions public to ensure efficiency and transparency in the use of oil revenues. "
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04-12-2013, 01:27 PM
I wish I had a Mellon dollars.