Parliamentary Integrity: Iraq loses $21 billion annually due to currency differences

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Parliamentary Integrity: Iraq loses $21 billion annually due to currency differences

On Friday, Sarwa Abdel Wahed, a member of the Parliamentary Integrity Committee, disclosed that yearly losses exceeding 21 billion dollars are being incurred due to currency differences. She emphasized that the Parliament will summon all parties responsible for this financial malpractice to end this theft.

Abdel Wahed tweeted on the (X) website that Iraq loses $21 billion every year due to currency differences. According to her, this is the most significant theft in the country’s history as the government and central bank are failing to regulate the parallel market.

According to her, Iraq sells its oil in dollars, and for accounting purposes, the government and central bank consider every $100 to be 132,000 dinars. Due to this currency difference for selling oil alone, Iraq is losing over $21 billion. There are similar amounts of money lost in currency differences, and the only beneficiaries are political parties, companies, and affiliated banks. She pointed this out to influential figures.

She urged Parliament to stop public thefts and bring responsible parties to justice by using radical solutions.