The National Legislative Assembly says it is investigating how more than $60 million auctioned by the Central Bank have been used.

The auctioning was meant to stabilize the pound after the devaluation in December.

But since then, the pound has continued to weaken, reaching a record high of more than 3,000 against $100 in the parallel market this month.

The chairperson of the Economy and Finance Committee says the commercial banks did not sell the hard currency at the rate agreed upon with the central Bank.

Hon Goch Makuach told Eye Radio that the funds were not managed properly.

“Those who bought these dollars should have used it for the welfare of their citizens,” Hon Makuach said.