300 Billion U.S Dollars missing from State Treasury of Iraq Since 2003

A member of Iraqi Parliamentary Finance Committee said that at least 300 billion U.S dollars are still missing since 2003 from the State Treasury of Iraq. This amount is considered theft and fabrication of currency from the foreign currency sales auction at Central Bank.

The member of Committee Masood Haider issued said in a press interview that Supreme Audit reports are showing that at least 100 billion U.S dollars are missing since 2003. This figure was remained in 2014, but after the end of 2015 this figure increased and now it has reached at 300 billion U.S dollars. It is surprising that what happened in the last couple of years. This major disaster produced more economic and financial issues in the country. So, a number of investors preferred to Sell Iraqi Dinar because it would show a massive decline in the near future.

It is important that 200 billion U.S dollars disappeared from the State Treasury and at least 90 percent went for fake documents. Most of the economic and financial experts believe that administrative and political mafias were involved in the financial corruption. This issue has been considered one of the major issues. Haider Al-Abadi said that the participants in the foreign currency sales auction at the Central Bank were benefited millions of dollars per day, but Iraqi government did not receive benefits for the country from the foreign currency sales auction at CBI. The member of Finance Committee said that we cannot put blame only on a single person because many funds transferring companies and their banking offices are responsible for this corruption.

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