independence of Central Bank decision-making expansion
The independence of the Central Bank decision-making expansion
Date: Saturday, 14-04-2012 06: 10 pm
One of the State administrative regulations beyond Saddam to develop independent bodies in an unprecedented move in the country to strengthen the democratic system and to broaden participation in decision-making and policy-making and decision-making, and to prevent certain hand thus sanctified but in virtue of the sole Iraqi and destinies of these bodies in the Iraqi Central Bank, which sets monetary policy and the Constitution (the Central Bank of Iraq, and the Office of financial supervision, the communications and Media Commission, and records of Awqaf financially and administratively independent bodies, the law regulates the work of each body),
And in another paragraph the Constitution confirms this independence by saying (Iraqi Central Bank is accountable to the House ...) and not to the Council of Ministers.
The Government had tried more than once to link some independent bodies and the Council of Ministers in particular wanted to appoint the chairpersons. it would seem that this Government's battle against the endless House, particularly that the Federal Court rulings and interpreted the Constitution was inconsistent at different times.
Although the Government denied to send a letter to the Bank requesting implementation instructions in some quarters it really says encountered such help and want to interfere in the work of the World Bank in particular he refused requests for the Government to conduct a cash reserve that covers the national currency and maintain the price, but there is no indication that it wants to replace the Bank Manager refused to respond to governmental dictations.
That sensitive Bank Foundation, any conduct knee-jerk will adversely affect the precarious economic conditions and lead to the depreciation of the dinar and impedes recovery recovery, the Bank enjoys the confidence of international financial institutions and has done with her consent for his achievements during the previous period cash, and in many countries the public discord States avoid with monetary institution and seek understanding and find appropriate solutions for the benefit of the national economy.
President Massoud Barzani was referring to the Government's endeavour to add Bank claimed wonder what wisdom so as long as his lead by financial experts?
That concentration of power and the lack of steps to take the views of economists who warn this concern and confusion in the local market, especially now that some neighbors trying various ways to benefit from the Iraqi economy and loaded part of crises and problems with the international community, for evasion penalties and burdens on Iraqis.
This requires the Government and World Bank research on the best ways and mechanisms for coordination between them to spare the country the repercussions of circumstances of these countries.
All national institutions called upon to intensify their efforts together and listen to the experts and find exits and our currency markets doesn't hurt nor tolerate object was damage to our country.
The survival of the Central Bank of Iraq and other independent expands participation in economic decision-making and the proper mindset that surrounds all opinions and views and choose the right ones.
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"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
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