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An economist explains the nature of the defect in central bank sales and financial transfer
September 7 09:22
Information / Baghdad...
The economic expert, Mustafa Akram Hantoush, explained the nature of the defect in the central bank's sales system and the financial transfer of foreign currency.
Hantoush told Al-Maalouma that
"the central bank sells daily more than 200 million dollars as a level within 4 months, of which 25-30 million goes to the local market, while the remaining 170 million goes to foreign remittances for the purpose of import." He added,
"The problem lies in the open credits through which funds are transferred, so that the goods enter Iraq or not, the Central Bank is not aware of it, and
this is one of the biggest mistakes, as there is coordination and linkage between the Central Bank and the Remittance Department and the Customs Authority in most countries of the world."
The credit is opened and the money is placed in the credit trust account until the goods enter the country and
a signal is given to the customs that it has entered the required specifications so that the amount is transferred from the documentary credits trust account to the executed documentary credits account. Hantoush pointed out that
“Iraq adopts direct accreditation so that the goods enter or do not reach the country, the competent authorities do not know whether the money has arrived or not, and
this falls within the door of money laundering and corruption, and therefore
Iraq urgently needs to link the customs authority with the central bank in order to legalize matters and prevent Transfer of funds in documentary credits except after the goods enter Iraq. Finished / 25 n
An economist explains the nature of the defect in central bank sales and financial transfer
September 7 09:22
Information / Baghdad...
The economic expert, Mustafa Akram Hantoush, explained the nature of the defect in the central bank's sales system and the financial transfer of foreign currency.
Hantoush told Al-Maalouma that
"the central bank sells daily more than 200 million dollars as a level within 4 months, of which 25-30 million goes to the local market, while the remaining 170 million goes to foreign remittances for the purpose of import." He added,
"The problem lies in the open credits through which funds are transferred, so that the goods enter Iraq or not, the Central Bank is not aware of it, and
this is one of the biggest mistakes, as there is coordination and linkage between the Central Bank and the Remittance Department and the Customs Authority in most countries of the world."
The credit is opened and the money is placed in the credit trust account until the goods enter the country and
a signal is given to the customs that it has entered the required specifications so that the amount is transferred from the documentary credits trust account to the executed documentary credits account. Hantoush pointed out that
“Iraq adopts direct accreditation so that the goods enter or do not reach the country, the competent authorities do not know whether the money has arrived or not, and
this falls within the door of money laundering and corruption, and therefore
Iraq urgently needs to link the customs authority with the central bank in order to legalize matters and prevent Transfer of funds in documentary credits except after the goods enter Iraq. Finished / 25 n
