Independence of the Central Bank of expansion in the decision-making
Saturday 04/14/2012 18:10
One of the administrative organization of the country after the overthrow of Saddam's development of independent bodies in a move unprecedented in the country to strengthen the democratic system and to expand participation in decision-making and making and policy-making, and the prevention of dedication, however, a specific destination and therefore exclusivity in the rule of the Iraqis and determine their own destinies of these bodies the Iraqi Central Bank which paints a monetary policy, has the text of the Constitution (is all of the Iraqi Central Bank, the Office of Financial Control, and Communications and Media Commission, and the Endowment bodies financially and administratively independent, and the law shall regulate the work of each of them), and in another paragraph Constitution affirms this independence by saying (the Central Bank accountable to the Iraqi Council of Representatives .....) and not in front of the cabinet.
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The government tried to link more than once some of the independent bodies and the Council of Ministers wanted to unique in the appointment of chairpersons. Seems that this battle is being waged by the government against the House of Representatives does not end, especially if the Federal Court rulings and interpretation of the constitution was characterized by contradictory at different times.
Despite denials by the government to send a message to the Central Bank asking him to implement the instructions say some quarters that it actually sent such instructions and want to intervene in the Bank's work, especially that he had rejected government requests for the disposal of the cash reserve, which covers the national currency and maintain the price, but there are those who refer to they want to replace the bank manager who refuses to respond to the dictates of the government.
The Corporation Bank is sensitive, and any disposal is calculated will reflect negatively on the economic situation uneasy and leads to the devaluation of the dinar and too hard to restore it to its health, and that the bank enjoys the confidence of international financial institutions and has done with her consent to the achievements during the last period of the achievements of cash, and in many countries to avoid countries public disagreements with the organization seeks cash for understanding and finding appropriate solutions for the good of the national economy.
President Masoud Barzani, had referred to the government endeavor to add responsibility to the bank we do not know what the reason for that as long as his duties as lead financial experts?
The steps the concentration of power and not the views of economists who warn that raises the concern and confusion in the local market, especially if some neighboring countries are trying various ways to benefit illegally from the Iraqi economy and load part of the crises and problems with the international community, and to evade sanctions and dumping the burden on the Iraqis. This requires from the government and the World Find the best means and mechanisms for coordination between them to spare the country the repercussions of the circumstances surrounding these countries.
All national institutions are called upon to intensify their efforts together and listen to the experts and the search for solutions does not hurt our markets and our currency not to be lax with the object of the damage had been working in our country.
The survival of the Iraqi Central Bank and other independent expand to participate in economic decision-making and sound thinking that surrounds all the views and opinions and choose the right ones.
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