Economists: central civil banks come $30 million per day

Created on Monday, 06 August 2012 09: 12



Baghdad/Orr news

Financial experts revealed that the Central Bank of Iraq who provokes crises to disable the country's economic development.

the experts who preferred not to disclose their names, "the Bank its policies flops since 2005 until now, when initiated investment plan application" system "by calculating the benefit night rewarding banks and private banks reached 22%.

Experts explained that "the damage caused by this action by the Central Bank over interest", indicating that "the money by private banks is profitable and rewarding, resulting in the suspension of all other banking."

They added that "all the conversion of projects stopped trading from 2005 until 2009, as well as the financing of construction projects and support factories and banking".

Experts stressed that the Central Bank earlier on a surprise step late 2009, calling "awakening late, by abandoning its earlier decision to deny the usefulness of 22% and reduced to 6%, forcing all banks to withdraw their capital.

They noted that the "sudden" new resolution "to the banks and restored life flourished, having active banking transactions as deposits and withdrawals, funding and support.

Financial experts pointed to the deficiencies in the monetary policy of the Central Bank, "the Bank began to sell the dollar auction exclusively for private banks at 1173 JD with the imposition of special documents, import goods as a certificate of origin and tax accountability, etc., provided that the sale of the dollar by at 1180 dinars.

Experts stressed that "private banks did not adhere to the official selling price, and monopolized the dollar, as well as the emergence of money laundering Division, brokers and monopolists of the headers. Uncovering the financial allocation by the Central Bank, each bank native up per day to $10 million, so simple and calculates the profit each bank would amount to $1 million per day.

The expert explained that "this has led to reluctance of banks from financing a project, because the interest of 12% for funding projects is much lower than sales of the dollar".

Experts described the actions as "waste of public money and devastating and destructive of the national economy", adding that "this operation is washed for money through monopoly and disable the national economy, as well as strategic projects stopped and infrastructure in the country."

Amazed the experts from "lack of seriousness the competent security organs, economic crime in dealing with such a major issue affecting economic security."

Financial experts stressed that "this crime unfortunately take place with the participation of a number of members of the House of representatives, taking advantage of their influence and power to blackmail the Governor of the Central Bank and the bankers and financial exploitation belong to sell hard currency deals.