General Discussion & Announcement Posts > CBI Getting A Spanking
Schiz Wow, I swear this art is saying, there is nothing unconstitutional about article 50 of the budget law and that the cbi should stop their moaning and start following their very own laws and mission statement and impliment monetary policy, ie do the damn rv fool!
This guy basically starts throwing laws back in the cbi's face that they are not holding up to......The more i read this art the more i love it lol.
I truly do believe the cbi need a good kick up the arse and told to pull their finger out.
Could be me wearing dinar goggles trying to read a very difficult article to understand.
War: The appeal of the Central Bank in Article / 50 / of the budget law must be based on a violation of the Constitution
03/08/2015 12:38 BAGHDAD / Nina / confirmed legal expert Tariq Harb challenged the central bank in Article / 50 / of the budget law can not be considered by the competent courts only if the appeal founded on the violation of the Constitution.
He said the war in a statement today that the provision of central bank stabbed article / 50 / of the budget law should be based and is based on the violation of the provisions of the Constitution, adding that the Federal Supreme Court the authority under Article 93 relating to the control of the constitutionality of laws and adjudicate issues that arise from the application of laws and not to alter the laws and canceled. "
He noted that "Article 13 of the Constitution states It may not be the age of "legislation" law conflicts with the Constitution and is null and void all the text contained in any law inconsistent with the Constitution and so the constitutional basis is the essence of the work of the Supreme Court, a constitutional court to consider laws or provisions of the laws of the Constitution and disagrees opposes nor is it of violating the law another law.
He said that contrary to the law of the jurisdiction of the Administrative Court and other courts and therefore breach the budget to the provisions of the Central Bank Law No. 56 of the Law for the year 2004 can not be a reason to override the provisions of Article 50 and that "the central bank law cited in Article II of it full independence Bank and not the financial and administrative independence only as decided Article 103 of the Constitution so as to Bank formulate and implement monetary policy and the acquisition of reserves of foreign and provide liquidity for banks in accordance with Article IV of the Central Bank Law. "
He stressed that "the Bank by the search for an offense in Article 50 of the judgment of the articles of Remarkably, the Constitution that the appeal if received from the government before the Supreme Federal Court, it would be acceptable and the issue the court ruled in favor of the government if the government proved that the bill sent to parliament, which was not the provision of Article 50 and that this provision add Parliament in contravention of the provisions of Article 62 of the Constitution. " .
It is said that Article 50 of the Budget Law has identified an amount not exceeding $ 75 million for sale daily at the central bank auction and stressed the sale procedures so that standing in front of the buying and selling fictitious any without documents the introduction of goods tax and settling accounts and savings customs operations. The central bank announced on Saturday that he will submit an appeal to the Federal Court concerning Article / 50 / of the budget ./anthy
Schiz He says the cbi do not have financial and administrative independence. yeah they can do the auctions, monetary policy and other things.
and then points out this law that the cbi should be concerned about..
"Article 103 of the Constitution so as to Bank formulate and implement monetary policy and the acquisition of reserves of foreign and provide liquidity for banks in accordance with Article IV of the Central Bank Law."
It really is about time the cbi started following their very own laws, especially their very own mission statement!
They are moaning about one law while at the same time ignoring other laws. Karma :)
Schiz Certainly seems to me that our current hold up is the Central Bank Of Iraq, the government seems set on forcing these guys to do something. Are the CBI waiting on isis? probably!
Schiz What is your take on this? anyone?-
Mike Thanks for the article, Schiz, it's definitely backing up the GOI's assertion's that Article 50 of the budget is constitutional. Tariq Harb is the guy who weighs in when constitutional questions pop up and he's saying there's nothing wrong with limiting the auctions.
I don't see anywhere in the article where they're saying that the CBI needs to do anything though, it's mainly just a clarification to the citizens and the CBI that there's nothing they can do about limiting the dollars they can sell.
Here's the rub, these boobs should be working together, not fighting about who's in charge. Clearly, the CBI needs direction from the GOI as well as laws like the Depositors Insurance and other things.
I've always felt that capping the auctions would hurt the economy and we've read numerous articles about how it's effected liquidity in the markets, but the GOI is responsible for that.
Instead of strong arming the CBI wouldn't it be easier to form some kind of consensus among the involved parties and move forward?
Just yesterday there was an article out from a FC member who condemned the CBI for capping the auctions when it was the GOI who capped them, what is this guy thinking? Doesn't he know what's going on?
It seems the GOI is going to win this battle in regards to the auctions, there will be a cap and the CBI will not be able to stop them. So, what's the next move?
So far the best the CBI can come up with is to allow the banks to handle remittances, but so far only five banks have participated handling roughly 200 billion dinars, which is way off the auction numbers in the past.
Clearly, the CBI needs to move to a free exchange of currency and begin open market operations, the question is, can the GOI deliver the needed laws and support to create a non-centric economic policy for Iraq? As always, time will tell.
Rockstar posted the article I mentioned about the new remittance program with the banks, thanks!
Tlar The way I read this is the court is saying that the case that the bank has filed is not supported by the evidence it has brought forth to prove its case.
The CBI has not presented valid reasons or proof and that if the court had to make a finding based on the evidence in hand that they would have to find in favor of the government.
There are many articles and laws governing the bank that are granted by the constitution. The courts are saying that the ones the CBI presented to justify the reversal, Law # 56 and article 103 are not the right laws.
". He said that contrary to the law of the jurisdiction of the Administrative Court and other courts and therefore breach the budget to the provisions of the Central Bank Law No. 56 of the Law for the year 2004 can not be a reason to override the provisions of Article 50"
"and that "the central bank law cited in Article II of it full independence Bank and not the financial and administrative independence only as decided Article 103 of the Constitution so as to Bank formulate and implement monetary policy and the acquisition of reserves of foreign and provide liquidity for banks in accordance with Article IV of the Central Bank Law."
I believe what he is saying is that this law only describes things the bank is responsible for and that these too are not the argument that the bank needs to prove its case. The bank needs to prove that Article 50 is in violation of the constitution before the courts.
He goes on to say;
"the Bank by the search for an offense in Article 50 of the judgment of the articles of Remarkably, the Constitution that the appeal if received from the government before the Supreme Federal Court, it would be acceptable and the issue the court ruled in favor of the government if the government proved that the bill sent to parliament"
I see this as a lecture saying you are using the wrong proof source for you argument and that if this were to push this case using these laws and articles you've chosen to present your case, that a constitutional court would have to find in favor of the government.
He is basically telling the CBI to look for other constitutional proof to prove its case. This is just legal banter in my opinion and the judge is trying to educate the CBI as to how to present a constitutional argument to win its case. This of course is just my opinion. It is a very hard article to interpret but I Think I get the jist.
The CBI will resubmit an appeal and hopefully they will heed the advice of this judge and present the right case using the right constitutional proofs. tlar
Kimberley Once again I have a slightly different take on this article.....
Number 1 who's Tariq Harb?....... Maliki's lawyer and associate for Years.....and has been a thorn in the side of the CBI for years......
And who stepped up with her ugly face at the end of budget negotiations, and stated "We have limited the auctions"
Ms. Tamini....Head of the Finance Committee......another Maliki supporter....(remember her defending him over what was being spent no his new office)
To me once again, this is showing how the GOI is trying to usurp the independence of the CBI..... and as long as a big hammer like Tariq Harb comes along to stir the pot, the GOI can sit on their butts and blame the CBI and Abadi for the failure of the economy.......
Think about it,...if Maliki has $ 60 Billion..to use in Iraq to do his dirty work.......What happens when it reaches $3.00 to 1 ??
Maliki will be reduced to $ 20 Billion....... He is still trying every way he can to get his old job back...... So if he can disrupt the CBI, it falls well into his plan.....
So anytime I see Tariq Harb or Tamini involved in any discussion....I have to concider the sourse..........jmo
Mike Good point, Kimberly, neither Harb or Tamimi seem to want progress. What a mess
Rockstar Kimberley, I get what you are saying, however if Maliki has $60 billion before the RV he will still have $60 billion post RV as those numbers that have been reported are in the US dollars.
I would also hazard a guess that he has atleast another 60 billion in actual dinar hidden away so post RV at $3 the guy is going to be richer than rich but that's just a guess!
KJWayne Kimberly, good points on Maliki and his goons. Maliki AND his goons need to be gone as soon as Abadi figures out a way to collect all the monies that they stole. 60 billion or 60 trillion makes no differance in this issue!