Finance Committee to Replace Open Letters of Credit for Currency Auction: Al-Tamimi

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Majida Al Tamimi

On Wednesday, a member of the Iraqi Finance Committee MP Majida Al-Tamimi has confirmed that powerful and authoritative people are the original recipients of the daily foreign currency sales auction,

and causing a significant decrease in the reserves of the Iraqi Central Bank. The Iraqi Finance Committee is looking to replace the open letters of credit for the foreign currency sales auction. She added that Finance Committee has received suggestions to replace the open letters of credit for the daily foreign currency sales auction at the Iraqi Central Bank.

Al-Tamimi further added that the importer should open an account in order to import goods which was converted by the credited assignments and it is considered the most perfect and transparent method in order to send money only to their imports. She added that foreign currency sales auction at the Iraqi Central Bank has been trapped in heavy corruption and fabrication of sales documents. Most of the people involved in the daily sales auction of foreign currency and investors are providing false statements and invoices to the Central Bank of Iraq. So, the reserves at the Iraqi Central Bank are being transferred to some specific people. She indicated that authoritative and strong people are the main elements of the foreign currency sales auction.

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