In a shocking revelation, explosive documents obtained from Iraq's Federal Board of Supreme Audit have exposed a vast corruption scheme implicating over 151,000 citizens in the illicit acquisition of US currency. Dubbed 'ghost travellers', these individuals procured dollars at the official state rate for travel purposes but never left the country, plunging Iraq's financial landscape into turmoil.

The corruption network, which spans Iraq's Central Bank employees, private banks, currency exchange entities, and tourism companies, has raised urgent calls for accountability and comprehensive reforms to safeguard the nation's economic integrity.

According to exclusive documents published by Al-Alam Al-Jadeed ("The New World"), an Iraqi outlet, the total amount involved in this fraudulent operation exceeds a staggering $600 million. Funds ostensibly intended for travel expenditures were diverted to the parallel market, exploiting the price differential between official and black market rates.

The meticulous investigation conducted by Iraq's Federal Board of Supreme Audit scrutinized cash sales by the Central Bank of Iraq from February 1 to July 8, 2023, revealing glaring discrepancies in the number of recorded travelers compared to those who crossed border outlets. This systematic abuse of the system involved over 151,000 individuals.

Further analysis uncovered that the total expenditure surged by approximately US$607.76 million, indicating the sale of dollars at the official rate to customers who never embarked on their purported travels. Unscrupulous individuals capitalized on the price differential in the parallel market, reaping substantial profits at the expense of public funds.

Moreover, a damning document from the Integrity Commission revealed another corruption scandal involving the Central Bank of Iraq (CBI). Private bank owners exploited large loans intended for investment projects to purchase dollars from currency auctions run by the CBI, diverting funds from their intended purpose.

These revelations come amidst growing concerns over rampant corruption within Iraqi financial institutions, underscoring the urgent need for comprehensive reforms to restore transparency and accountability.

Iraq's Prime Minister Mohammed Shia Al-Sudani, during a rare visit to the United States, met with President Joe Biden and officials from the US treasury. US officials stressed that Iraq should take further measures to prevent US dollar smuggling to Iran and Syria.

As authorities delve deeper into these scandals, the Iraqi public demands swift and decisive action to hold perpetrators accountable and safeguard the nation's economic integrity.