CBI auction is cover for smuggling Iraqi money – minister

BAGHDAD / IraqiNews.com: Iraqi Minister of Planning & Development Cooperation Ali Baban said on Monday that the daily auction held by the Central Bank of Iraq (CBI) is a cover for “smuggling” Iraqi banknotes outside. “The five sessions held on a daily basis each week by the CBI, in which the sum is divided over local demands and transfers outside the country, is actually smuggling for Iraqi funds to neighboring Arab countries and others,” Baban told IraqiNews.com news agency. “The funds are being smuggled via the CBI in return for paltry Iraqi dinars that throw a thick shadow over the Iraqi economy as a result for the national capital flight,” he said, adding “this is the result of a frail economic philosophy”. He pointed out that these funds belonging to the private sector that should be channeled into successful mega projects “are smuggled for Jordan and Syria” in a time the nation needs that capital to improve economic conditions”. Baban underlined the importance of having the government provide large facilities for the Iraqi and foreign private sectors to invest in Iraq and prevent capital flight outside the country. IraqiNews.com failed to contact CBI officials to comment on Minister Baban’s statements. AmR (P)/SR 2