Member of Parliament Hadi Al-Salami verified the lack of transparency requirements in the Central Bank auction on Thursday, pointing out that the Central Bank conceals the contents of its daily bulletin of hard currency transactions.
“There is no daily bulletin issued for the auction operations,” Al-Salami stated in an interview with the Maalouma Agency. “We do not know the size of the dollar amounts sold to companies and banks.”
He went on to say, “There is clear confusion in the performance of the Central Bank and a lack of control over the dollar exchange rate,” pointing out that “the objectives of the Central Bank Law are to achieve economic development, sustainable development, and support segments of society, and this has not been achieved so far.”
He went on to say that “transparency standards are absent at the Central Bank regarding the volume of daily sales of the dollar.”
According to Al-Salami, “there is secrecy upon secrecy regarding the volume of dollar sales sold to banks and companies.”
Ahmed Brehi, a member of the Central Bank’s Board of Directors, disputed that there was a problem with the Central Bank’s balance of foreign currency or income, claiming that the issue of a cash liquidity shortfall is contrived owing to illiteracy in central banking.