Iraq Announces the formation of a parliamentary Committee to verify the actions of the Central Bank

Alsumaria news -08/08/2012-6: 48 pm | Hits: 211

President of the House of Osama in Tehran, Wednesday, the formation of a Parliamentary Commission to verify the actions of the Central Bank and identify bugs, while there were complaints about the work of the Bank, stressed that the Parliament is responsible for follow-up to the Central Bank.

Usama Najafi told a press conference today at the Parliament building and was attended by "Sumerian news", "the House of representatives set up a Commission to verify the actions of the Central Bank of Iraq", stating that "the Committee comprises the Chairman of the Committee on economic and Financial Committee Chairman and head of the Office of financial supervision".

Iraq said that "the purpose of the composition of the Committee is to identify deficiencies in the work", adding that "there is a problem where sold some $300 million every day and some days more and there are complaints that these funds are sold correctly and there is no complete documentation and some banks manipulating the subject of sale capacity, as well as smuggling of currency".

Iraq continued that "these issues must end and the situation of the Central Bank and make sure monetary policy and law enforcement and safety procedures to maintain fiscal balance and the large and important Iraqi ensure cooperation with the Government," he said, adding that recent "responsible fiscal policy, Central Bank on monetary policy, Parliament is responsible for follow-up to the Central Bank".

He was a member of the Finance Committee in the House of representatives, accused Al-Haytham Wednesday, (8 August), influential political figures of the Central Bank of "smuggling 10 million dollars daily to finance terrorism", warning of the collapse of the country's economy if the Bank continued to sell 55 million dollars a year, with likely to dismiss Central Bank Governor Sinan Al-Shabibi if his involvement.

The CBI said, in (21 May) Rafidain Bank, direct and good selling dollars to citizens at 1189 DT, arguing that the goal of this step is that the Iraqi citizen directly from currency away from the monopoly exercised by the other.

The CBI said, (27 May), rising foreign exchange reserves to $63 billion, the largest in the history of Iraq, with the reserves remains low in a country with little economic diversification.

The Iraqi Central Bank meet daily to buy and sell foreign currencies with the participation of Iraqi banks, with the exception of holidays which the Bank stops on these auctions, sales are either critically or in the form of money orders sold to abroad for a certain fee.