Parliamentary Integrity Committee threatens to hold the Governor of the Central Bank of Iraq accountable: Transparency is absent in the dollar auction
The Parliamentary Integrity Committee accused, on Monday, the Central Bank of Iraq of not being transparent regarding the dollar auction, and not providing data on the destinations where hard currency is spent, stressing that it will hold the bank’s governor, Ali Al-Alaq, accountable.
Committee member Hadi Al-Salami told Shafaq News Agency, “There is a lack of transparency in the dollar auction, and the daily bulletin is not disclosed to know where the dollar goes and is sold through the auction. The bulletin is still secret, and only the amount of dollars sold is announced, and we do not know where this amount goes.”
He pointed out that “there is a parliamentary movement to hold the Central Bank Governor, Ali Al-Alaq, accountable, and the first step is to direct an oral parliamentary question, and we are waiting for his presence inside the parliament dome for the purpose of holding him accountable.”
He added, “There is an effort by some representatives to question the Governor of the Central Bank, Ali Al-Alaq, due to the failure, especially in the issue of controlling the dollar exchange rate, which is still significantly higher in the parallel market than the official price.”
Al-Salami stressed that “some blocs and parties refuse to question the governor of the Central Bank, as there is political protection for him, despite the failure in tasks and work, and there are indicators and observations in the work of the Central Bank, especially the currency auction.”
A number of representatives revealed that there is a parliamentary effort to question the Central Bank of Iraq, stressing that the dollar auction costs Iraq trillions of dinars and threatens the economy.
Legal Committee member Raed Al-Maliki said in a statement received by Shafaq News Agency on July 9, “The continued failure of the Central Bank and the government to achieve stability of the dinar and reduce the gap between the two prices has led to the waste of huge sums of money and exacerbated the suffering of citizens.”
He pointed out that “these conditions resulted in the state incurring trillions of dinars and enriching the corrupt at the expense of the people, as the prices of most goods depend on the parallel price, which is much higher than the official price.”
For his part, MP Majid Shankali called on the Council of Ministers to take decisive and bold decisions related to the financial reality in Iraq.
In a statement received by Shafaq News Agency, Shankali stressed the “necessity that these decisions be preceded by the process of building trust between the citizen and the banking system, which is currently suffering from a significant lack of this trust.”
Shankali called for banning dealing and trading in dollars in buying and selling operations, in a move aimed at enhancing the use of the Iraqi dinar and reducing dependence on foreign currency. He also called for not allowing citizens to hoard amounts exceeding ten thousand dollars or its equivalent outside banks, in order to limit financial evasion and enhance official banking practices.
On July 23, the Central Bank of Iraq’s total sales of US dollars over the past six months amounted to more than $26 billion.
Shafaq News Agency correspondent stated that the Central Bank sold 26 billion, 539 million, 598 thousand, and 281 dollars during the past six months in which the auction was opened, at a monthly rate of 4 billion, 423 million, 266 thousand, and 380 dollars.
Our correspondent pointed out that foreign remittance sales during the past six months amounted to 24 billion, 105 million, 770 thousand, and 121 dollars, an increase of 89% compared to cash sales, which amounted to 2 billion, 565 million, 785 thousand, and 811 dollars.
Shafaq.com