Central Bank of Iraq: The Reserve Stock of Money Out of the Financial Power of the Government
|April 21, 2014||Filled under Central Bank of Iraq|
Central Bank of Iraq News -
Iraqi Central Bank announced that the government “will not impose its policies upon because of its law,” and that the law gives him “full autonomy are not allowed to lend because of the delay in adoption of the general budget, stressing that Iraq’s stockpiles reserve of money” out of the financial power of the government.”
Said bank management Central in the gallery its written reply to questions addressed to it (the long-Presse), “The Iraqi Central Bank Law No. 56 of 2004 prohibits the government from imposing its policies on the Central Bank of Iraq,” explaining that it “gives the bank full autonomy from the government so as not to make any loans to the government and does not receive orders, including the formation of policies that are subject accounts to international standards.
“According to the newspaper term and added the bank’s management that “the central bank reserves accumulated by expenses prior to the budget,” adding that “Iraq’s stockpiles reserve funds covered the cash over the past years and so is came out of the financial power of the government. “The parliamentary Finance Committee has revealed, on March 3 last year, the Iraqi government has” $4.5 billion “in the Development Fund for Iraq, DFI, noting that it” is able “to cover the salaries of the staff of the Iraqi state, stressing that “There is no fear on salaries for the existence of a financial surplus simple from Iraqi oil sales.”
The parliamentary Finance Committee has, in the February 24, 2014, the assets of the Development Fund for Iraq, DFI current amounting to six billion dollars just is not enough to pay the employees’ salaries for the month of March, and suggested that forced the government to borrow from the central bank to pay employees’ salaries for the month of March. noteworthy that the Committees of the parliamentary financial and economic, have called, in (12 February), to deal seriously with the warnings of the International Monetary Fund on increased government spending, and its implications for monetary reserves, while showed Finance Committee that the government is “threatened with bankruptcy” within four months if you do not pass the budget, saw its counterpart economic, estimates that the budget “did not take” into account the regional and global developments, and it has prepared about “hazy and unclear” and was a “mere allocations”, warning of prejudice reserves Iraq Finance of hard currency.
Mentions that the Central Bank of Iraq high reserves of pure gold to 90 tons, after the purchase of 60 tons during the past two months, and through contracts with international companies Stamping gold to enable the audience to diversify the means of saving and activate deal gold market. The central bank said in a press statement that “this is one of the tools of monetary policy to stabilize the exchange rate of the Iraqi dinar.
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