The Cabinet denies Government request to link Central Bank
The Cabinet denies Government request to link the Central Bank
Thursday 12 April 2012 14: 22 GMT
The Secretary-General of the Council of Ministers on Al-Alaq
The Iraqi Cabinet, denied Thursday that there was a request from the Government to link the Central Bank.
Secretary General of the Council of Ministers in a statement Al-Alaq, today, and received "alsumaria news", "the Iraqi Government has not sought to link the Central Bank to the Council, or even attempt to weaken its independence".
He was Chairman of the Council of representatives of Iraq, Osama alngivi of 10 April, 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.
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.
Humacao Aziz can explain me and Iraqi letter sent by the Chairman of the Iraqi Parliament to the Prime Minister before the days though this speech, I lied from the Iraqi Government, headed by Mr. Maliki to lie only in Khobar and the Prime Minister are liars on the Iraqi people and to yourselves I wish publishing
Mohamed Adel Mahdi
The policy of raising the value of the national currency to raise the value of the national currency against foreign currencies is the policy must be carried out by the Central Bank and by dragging the largest possible quantity of money supply from the market, i.e. it must reduce the money supply in the market economic methods, if the Bank's policy of withdrawing from the market just over 54 trillion dinars during the 5 years through sale by auction or at least selling price Installer and specified by State 1,500 dinars and on the basis of which the State has put its economic, financial and payroll giving these to the top layers of the existing mass, when reducing the money supply in the market will increase from dinar dinar, this is unknown because when price increases view below, but without the loss of the State Treasury of billions of dollars annually to pay the difference in price of the dollar and thus scale the capacity of the State to fulfil its obligations.
That is a valid auction of large cash withdrawal of the block, but the crime that the Central Bank auction did but introduced dollar prices reached less than 1,200 dinars rather than 1,500 dinars that the bidding process instead of bidding as the Bank introduced dollar sale prices less than purchase price, these very large errors does not worked less staff in the Iraqi State has minimum work even no fail, because it is not law or logic that is being Sale of foreign currency for the auction or sale price less than purchase price, leading to large losses to state coffers because 99% of the Bank's purchases of dollar is from the State Treasury, lifting the dinar this way is arbitrary loss to the State Treasury and the depletion of very large dollar bank reserves.
The process of maintaining currency exchange rate by monetary authorities in different countries of the world, when the currency you sell part of their hard currency in exchange for local currency, when improved currency you buy foreign currency from the market for local currency, it was supposed that the Bank maintain the price specified and installed by the State is 1,500 dinars to the dollar on the basis of the State of economic and financial policies and not defend an imaginary price
"we aspire in the near future to the return of Iraqi dinar to what it was in the seventies and the beginning eighties against the dollar" - Dr. Shabibi
“I just did my job...You either get them out alive or you die trying. If you don’t die trying, you didn’t try hard enough." - Marine Sergeant Dakota Meyer, Medal of Honor recipient