You know the corruption is bad when you have to limit the US Dollar sales at the Central Bank to twice a month.
The Parliamentary Finance Committee Masood Haider Rustam stated to Baghdadi News “The committee hosted the governor and directors of the Central Bank to discuss the issue of money laundering operations and the strength of the US Dollar.”
In the meeting, with the Central Bank staff and the Parliament Economic Committee it has been agreed to limit the currency auction sales to twice a month.
They talked about how to control the sale price of the US Dollar and to develop a policy to control the value of the Iraqi Dinar.
The penalty for money laundering in Iraq is a misdemeanor and not widely enforced in Iraq. The opportunity to make substantial profits by laundering money is greater than just trying to create banking products for the Iraqi people.
The meeting also discussed the delete the zeros project. I have always said that this project will be delayed for the remainder of the year. In the Central Bank financial meeting, they decided to continue to postpone until the security is better and will remove more categories of banknotes. They will remove additional banknotes in the coming months and possible within the next 18 months.
The 50 Iraqi dinar banknote will no longer be a valid banknote after April 30, 2015.