Warnings of the risk of continued smuggling of foreign currency out of the country

Warnings of the risk of continued smuggling of foreign currency out of the country
6/22/2018

The warnings of specialists continue the seriousness of the smuggling of foreign currency outside the country in different ways and methods.

"The weakness of regulatory procedures is the most important reason for the loss of hard currency," said economist Abdul Aziz Hassoun, noting that "the supervisory bodies in Iraq are not doing their duty fully, which caused an unreasonable and difficult to control."

Others believe that the mechanisms used to sell the dollar at the central bank auction to traders and citizens are beset by many question marks about their success in activating the movement of cash during the economic cycle of the Iraqi market.

For his part, called for economic expert Zuhair al-Hassani to "control and examination of documents provided by the trader, and control the movement of traders who are working on smuggling the process and not running cash liquidity, which is the economic cycle in Iraq."

It is noteworthy that the Central Bank and the sale of hard currency suffered a major shake last year after the disclosure of documents of financial corruption in the dealings of that auction was transferred to the judiciary for consideration but did not prevent the auction of activity, which reached according to official figures to sell more than forty-four billion dollars During the past year.

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