Financial Supervision Office reveals financial violations in daily auction of CBI
Baghdad (IraqiNews.com) A report by the Financial Supervision Office revealed the results of the oversight and scrutiny on the activities of the foreign currency auction since the start of 2012 till 30th of last August which confirmed the existence of administrative and financial irregularities in the banking transactions in the foreign currency auction at the Central Bank of Iraq.
The report mentioned that “Several governmental and domestic banks have control of the largest percentage of the sales of dollars in the CBI but the Financial Supervision Office did not inspect any measures taken by these banks which made transactions that did not meet the conditions according to the instructions of the CBI.”
“In matching the names of the financial conversion companies which participated in the auction through banks with a sample of it and the database of the companies’ registration department it was noted that there is a company code named (the United Company for Financial Conversion) that its name did not appear in the database,” the statement concluded.