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57% of imports of Iraqi oil for eight years lost in the "currency auction"
Thursday April 16 / April 2015 0:00
Oman-Ghad - The head of the Finance Committee in the Iraqi Council of Representatives, Ahmed Chalabi, said that the country's hard currency reserves fell by 20% since the beginning of last year, stressing that 57% of oil imports for the past eight years were sold through the auction of the Central Bank. He guessed Chalabi told the newspaper "Al-Sabah" Iraq yesterday, converting a portion of these funds to foreign banks as one of the doors of corruption, pointing out that spending from imports to the private sector amounted to 3 government fold.
He said that "under the federal budget, the central bank's dollar selling anyone, and unspecified quantities, and that the budget specified in the auction only 75 million dollars. " He added that "this measure regards the central bank, and that the latter is responsible to the House of Representatives under the Constitution, the government is not interested so do not require returning to it when we set the budget."
decided the Federal High Court, on Tuesday, to postpone consideration of a central bank to challenge the articles 46 and 50 budget and the last is concerned with determining the currency auction, the fourth of next month.
According Chalabi that "currency auction sold for the years between 2006 - 2014 more than $ 312 billion, and that the figures obtained from the Central Bank of Iraq."
In contrast, asserts that "Iraq received during those years of oil revenues $ 515 billion, meaning that the proportion of sales volume in the auction was to 57%, but we do not get compared to what Srvnah through Auction versus appropriate. "
He noted the head of the parliamentary finance committee that "the Bank has in the year 2009 only the sale of 92%, which entered the country from oil imports. "
Chalabi believes that "this enormous quantities sale caused a waste of hard currency obtained from oil imports that cause great harm to the state, part of what we are experiencing now is the scarcity of liquidity."
He cautioned that "We asked the central bank about the reason for the sale of these quantities? Official answer is that those are the auction procedures were for the purpose of maintaining the national currency. "
According Chalabi that "the total import of the government from 2006 to 2014 from abroad amounted to 115 billion," adding "we find that the total foreign currency sold to the private sector, most of which is destined to imports by the private sector amounted to three times the government's import. "
He cited that "this thing is not true import of the government includes fuel imports and the Ministries of Defense and Interior and others."
While Chalabi voyager that "high dollar prices, which feared the central bank, does not cost a financial burden on the government," pointing that "the damage is affected by the citizen and that protection is not only hard currency but also must focus on the health and social requirements."
and argued that "price set by the central bank is an option it is not based on a particular rule," pointing out that "the Central Bank currency selling by auction rose seven-fold from 2006 until 2013 and 2014. "
Chalabi and asserts that "most of the amounts that were sold at the auction were converted to auction currency to foreign banks, and young big section including corruption."
He said about "the central bank to provide message to the President Fuad Masum, before approving a budget, urging him not to ratify the grounds that the House of Representatives added Article 50 Unlike the constitutional contexts. "
Chalabi Abizaid that "nevertheless, the infallible has to ratify the law, indicating that it has agreed to amendments to the House of Representatives."
referred to The House of Representatives voted in (January 29, 2015), the draft federal budget for the current year worth in excess of Al119 trillion dinars and a deficit of about 25 trillion.
The President of the Parliamentary Finance Committee that "Article legislation 50 of the budget was to maintain a reserve of the country of currency difficult, "revealing" for hard currency reserves of 77 fell to $ 64 billion since the beginning of last year by 20%. "
He advised Chalabi to "cancel the auction currency; because it is one of the reasons for declining reserves, and to maintain the price of the Iraqi dinar and tackle corruption."
The Constitution that "The Central Bank of Iraq, and the Office of Financial Supervision, and the media and communications, and the Endowment, independent bodies, financially and administratively, and law regulates the work of each of them."
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Thursday April 16 / April 2015 0:00
Oman-Ghad - The head of the Finance Committee in the Iraqi Council of Representatives, Ahmed Chalabi, said that the country's hard currency reserves fell by 20% since the beginning of last year, stressing that 57% of oil imports for the past eight years were sold through the auction of the Central Bank. He guessed Chalabi told the newspaper "Al-Sabah" Iraq yesterday, converting a portion of these funds to foreign banks as one of the doors of corruption, pointing out that spending from imports to the private sector amounted to 3 government fold.
He said that "under the federal budget, the central bank's dollar selling anyone, and unspecified quantities, and that the budget specified in the auction only 75 million dollars. " He added that "this measure regards the central bank, and that the latter is responsible to the House of Representatives under the Constitution, the government is not interested so do not require returning to it when we set the budget."
decided the Federal High Court, on Tuesday, to postpone consideration of a central bank to challenge the articles 46 and 50 budget and the last is concerned with determining the currency auction, the fourth of next month.
According Chalabi that "currency auction sold for the years between 2006 - 2014 more than $ 312 billion, and that the figures obtained from the Central Bank of Iraq."
In contrast, asserts that "Iraq received during those years of oil revenues $ 515 billion, meaning that the proportion of sales volume in the auction was to 57%, but we do not get compared to what Srvnah through Auction versus appropriate. "
He noted the head of the parliamentary finance committee that "the Bank has in the year 2009 only the sale of 92%, which entered the country from oil imports. "
Chalabi believes that "this enormous quantities sale caused a waste of hard currency obtained from oil imports that cause great harm to the state, part of what we are experiencing now is the scarcity of liquidity."
He cautioned that "We asked the central bank about the reason for the sale of these quantities? Official answer is that those are the auction procedures were for the purpose of maintaining the national currency. "
According Chalabi that "the total import of the government from 2006 to 2014 from abroad amounted to 115 billion," adding "we find that the total foreign currency sold to the private sector, most of which is destined to imports by the private sector amounted to three times the government's import. "
He cited that "this thing is not true import of the government includes fuel imports and the Ministries of Defense and Interior and others."
While Chalabi voyager that "high dollar prices, which feared the central bank, does not cost a financial burden on the government," pointing that "the damage is affected by the citizen and that protection is not only hard currency but also must focus on the health and social requirements."
and argued that "price set by the central bank is an option it is not based on a particular rule," pointing out that "the Central Bank currency selling by auction rose seven-fold from 2006 until 2013 and 2014. "
Chalabi and asserts that "most of the amounts that were sold at the auction were converted to auction currency to foreign banks, and young big section including corruption."
He said about "the central bank to provide message to the President Fuad Masum, before approving a budget, urging him not to ratify the grounds that the House of Representatives added Article 50 Unlike the constitutional contexts. "
Chalabi Abizaid that "nevertheless, the infallible has to ratify the law, indicating that it has agreed to amendments to the House of Representatives."
referred to The House of Representatives voted in (January 29, 2015), the draft federal budget for the current year worth in excess of Al119 trillion dinars and a deficit of about 25 trillion.
The President of the Parliamentary Finance Committee that "Article legislation 50 of the budget was to maintain a reserve of the country of currency difficult, "revealing" for hard currency reserves of 77 fell to $ 64 billion since the beginning of last year by 20%. "
He advised Chalabi to "cancel the auction currency; because it is one of the reasons for declining reserves, and to maintain the price of the Iraqi dinar and tackle corruption."
The Constitution that "The Central Bank of Iraq, and the Office of Financial Supervision, and the media and communications, and the Endowment, independent bodies, financially and administratively, and law regulates the work of each of them."
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