Alngivi emphasizes the need not to subordinate the Central Bank of the Government to prevent the seizure of Iraq funds

Editor: NQ | SS
Tuesday 10 April 2012 13: 32 GMT

Parliament Speaker Osama alngivi during his Central Bank Governor Sinan Al-Shabibi
Alsumaria news/Baghdad

The head of the Iraqi House of Osama alngivi, Tuesday, the Central Bank should not be subordinate to the Government to prevent the seizure of funds or implement international rulings Iraq issued against Iraq by creditors, he said the Council will host the Bank Governor Sinan Al-alshbiibi in the hearing to issue dollar Iraqi dinar, attributed the high grounds Shabibi dollar to dinar weakened domestic production and weak government actions.

Alngivi said in a statement issued today, on the sidelines of a meeting of the Iraqi Central Bank Governor Sinan Al-Shabibi, Mohammad Reza, and received "alsumaria news", a copy of it, "reviewed with Shabibi economic conditions and realities work Central Bank", stressing "the Central Bank must be independent and responsible on the basis of the provisions of article 103, paragraph (2) of the Iraqi Constitution, and also article 2/2, the Central Bank of Iraq Act 56 of 2004".

Alngivi stressed "the need for non-dependency of the Central Bank of the Government to prevent the seizure of funds or implement international rulings Iraq issued against Iraq by creditors", pointing out that "the House of the Governor of the Central Bank will host a hearing to explain the reality of the work of the Bank and indicate the issue dollar Iraqi dinar, economic conditions and monetary policy pursued."

"Alngivi" support the House absolute Central Bank action in accordance with the Constitution and the law ", stressing the need to" continue to the Central Bank with the relevant parliamentary committees to discuss and clarify the problems afflicting Iraq in the areas of monetary policy, banking".

For his part, attributed the Bank Governor, according to the statement, "the reasons for the high dollar Iraqi dinar to weak domestic production and limited exports excluding oil, Iraq and the weakness of the Government's actions in attracting capital to Iraq, as well as political tensions internally and regionally, and the economic blockade experienced by certain neighbouring States".

The Iraqi market is currently witnessing a rise of US dollar to Iraqi dinar.

Article 2/2, the Central Bank of Iraq Act 56 of 2004 "in order to achieve the objectives of the Central Bank of Iraq to accomplish its tasks, the Central Bank is independent and responsible as stipulated in this law, except unlike this law determines, the Central Bank of Iraq will not receive instructions from any other entity or person or institution, including governmental institutions, and will respect the independence of the Central Bank of Iraq nor anyone can influence and inappropriate on any member of the decision-making body of the Central Bank of Iraq During the performance of his duties in the Bank or interference in the activities of the Central Bank of Iraq".

The parliamentary Finance Committee, yesterday I criticized, (8 April), General Secretariat of the Council of Ministers and their attempts to dominate the monetary policy of the Central Bank of Iraq and curb the powers of counties, saying it violates the Constitution and a threat to the Iraqi economy.

The Federal Supreme Court issued a decision, on 18 January 2012, requiring a link independent bodies referred to in the Iraqi Constitution, the Prime Minister directly, and not by the Presidency of the Council of representatives, the decision came at the request of the Office of the Prime Minister to the Federal Court on 2 December last year, to indicate a link.

Called by the Central Bank of Iraq on 24 January 2011, the Federal Supreme Court to issue a second interpretative decision demonstrates its first decision to link independent bodies, chaired by the Prime Minister and not the Presidency of Parliament, warning of the risks of many exposed country if left without explanation.

Included in chapter IV of the Constitution of the Republic of Iraq for the year 2005, independent bodies within articles (102-108), promised the Constitution in article (102), both the High Commissioner for human rights, and the independent High Electoral Commission, body integrity, independent bodies under its control of the House, so that these bodies the highest legislative authority in the Iraqi State and its law are organized by the Chamber of Deputies.

A Bill introduced in 2004 by the US civil administrator for Iraq Paul brimerali the independence of the Central Bank, the Bank granted by law, the task of ensuring price stability in home and building a stable and competitive financial system based on market to promote sustainable growth, employment and prosperity in Iraq.

The Iraqi Constitution refers in title IV entitled (independent bodies) to a number of bodies and organs, such as the Office of financial supervision, the communications and Media Commission, the National Commission to eradicate the Baath, which replaced the Supreme National body for accountability and justice, the Constitution also identified the nature of its relationship with Chamber of deputies or the Council of Ministers