Integrity Commission hints at foreign banks’ “domination” of currency sales window, moves to limit their powers

Vian Dakhil, a member of the Parliamentary Integrity Committee, made a veiled reference on Thursday to the “domination” of foreign bank branches over the Central Bank of Iraq’s foreign currency buying and selling window.

“The committee is currently discussing the issue of financial and monetary policy in the Central Bank,” Dakhil stated. “Especially after information indicating the dominance of some branches of foreign banks and Iraqi banks over the Iraqi currency market and the window for buying and selling foreign currency,”

She stated, “The Parliamentary Integrity Committee is working on legislating a law that limits the authority of foreign banks and their branches and Iraqi banks with foreign capital,” implying that “this limits the huge profits that these banks obtain from Iraq.”

“There are some foreign banks and foreign capitals that control money transfers in Iraq, and unfortunately, all Iraqi money goes to another country,” Dakhil stated.

Due to “corruption” in the country’s currency auction, experts in Iraq say there could be “currency leakage” outside of Iraq.

The administration of the Central Bank intends to gradually end the dollar auction before ending it completely.