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Amendments to the law of the Central Bank grant him the freedom to work on a larger area
Baghdad / Zahraa al-Jassim
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Amendments to the law of the Central Bank grant him the freedom to work on a larger area
Baghdad / Zahraa al-Jassim
The amendments to the law of the Central Bank approved by the House of Representatives and issued in a law recently gave wider areas for the Bank's work, especially with regard to the issuance and sale of securities. It also allowed an increase in the number of members outside the bank from the experts and financial specialists in his administration from three to five in order not to remain closed to himself in his decisions, according to the information office of the bank. But a financial source criticizes it for being the bank's independence.
The most important amendments to the Central Bank Law No. 56 of 2004 issued by the Coalition Authority are as follows: First: Paragraphs (c) and (d) of Article 11, which indicate that the number of members of the Board of Directors of the Central Bank of nine members, From its governor, vice presidents, three senior managers and three other members with the ability and competence to be replaced by the following amendment: that the board consists of one general director of the central bank and five members from outside the Central Bank of Iraq with experience and competence in financial affairs or Bank or legal, with the governor and his deputies.
The director of the Information Office of the Central Bank of Iraq, Acer Jabbar said in an interview for (the extent), that the amendments in the law of the Central Bank, a few and does not exceed four paragraphs, and explained: where was amended Article 27 of the law that says the Central Bank of Iraq deals with foreign assets and manages The official reserve of the foreign exchange of the State in accordance with international best practices and reserves monetary policy. The Board of Directors of the Central Bank may invest this reserve in any of the following or all of the following assets, whether in gold coins or currency. But it was amended to give it more space, since now it can work assets, ie, selling "bonds" freely, such as trading securities of any foreign bank, but certainly according to mechanisms and conditions and financial operations very accurate.
Jabbar: In the board of directors has been added new members, each of the general director of the Central Bank and five members from outside the Central Bank of experts and specialists in financial matters, to become today six members, which is a new board of directors according to the new amendment, after The approval of the Council of Ministers on the law, after it was three general managers of the bank and three from outside, indicating: The aim is to find decisions supporting the Central Bank and not remain monopolized the continents or closed on himself, because the coming from outside the central represents the private sector , And certainly will have new and important opinions and ideas.
On the basis of the amendment to the law, it also included the text of Article (27) of the Law on the management of official reserve cash from foreign exchange, to indicate its current form until the Central Bank of Iraq deals with foreign assets that manages the official reserve of foreign exchange of the state according to the best International practices and monetary policy objectives The Board may invest such reserves in any of the following assets or in all of them: a. Golden cash in the coffers of the Central Bank of Iraq; Used in the performance of international accounts held by the Central Bank of Iraq or for its account; c) Credits payable on demand or payable after a short period of time in foreign exchange, which is normally used to perform international accounts maintained by the CBI in its accounts or those investing Through repurchase agreements
However, a source familiar with the matter said that the Central Bank's law is good in its original preamble, and that it is not hindering its work. However, we are not against these amendments, so we call them slight improvements and review, We do not have a problem because we just want to develop the financial market in Iraq because the financial market is not just a stock market. , But is also a market tools bank and there is a desire of the central bank and many destinations To develop the financial market, through debt securities as "
The source, who preferred not to be named, said that the point that points to the addition of five members from outside the Central Bank of Iraq with expertise and competence in the financial, banking or legal affairs of the Governing Council is a wrong term, because the central must be independent and away from Interests, whether private or governmental, and can not sit in the board of directors and say I represent the private sector or the government, because this imbalance in the independence of the Central Bank, and I do not think this paragraph exists in the new amendment of the law, Law, because the central bank is an independent institution Not only the government but also for the financial sector, so that it can be neutral in its decisions.
The latest amendment to the Second Central Bank of Iraq Law, the first amendment was made in 2007.
The director of the Information Office of the Central Bank of Iraq, Acer Jabbar said in an interview for (the extent), that the amendments in the law of the Central Bank, a few and does not exceed four paragraphs, and explained: where was amended Article 27 of the law that says the Central Bank of Iraq deals with foreign assets and manages The official reserve of the foreign exchange of the State in accordance with international best practices and reserves monetary policy. The Board of Directors of the Central Bank may invest this reserve in any of the following or all of the following assets, whether in gold coins or currency. But it was amended to give it more space, since now it can work assets, ie, selling "bonds" freely, such as trading securities of any foreign bank, but certainly according to mechanisms and conditions and financial operations very accurate.
Jabbar: In the board of directors has been added new members, each of the general director of the Central Bank and five members from outside the Central Bank of experts and specialists in financial matters, to become today six members, which is a new board of directors according to the new amendment, after The approval of the Council of Ministers on the law, after it was three general managers of the bank and three from outside, indicating: The aim is to find decisions supporting the Central Bank and not remain monopolized the continents or closed on himself, because the coming from outside the central represents the private sector , And certainly will have new and important opinions and ideas.
On the basis of the amendment to the law, it also included the text of Article (27) of the Law on the management of official reserve cash from foreign exchange, to indicate its current form until the Central Bank of Iraq deals with foreign assets that manages the official reserve of foreign exchange of the state according to the best International practices and monetary policy objectives The Board may invest such reserves in any of the following assets or in all of them: a. Golden cash in the coffers of the Central Bank of Iraq; Used in the performance of international accounts held by the Central Bank of Iraq or for its account; c) Credits payable on demand or payable after a short period of time in foreign exchange, which is normally used to perform international accounts maintained by the CBI in its accounts or those investing Through repurchase agreements
However, a source familiar with the matter said that the Central Bank's law is good in its original preamble, and that it is not hindering its work. However, we are not against these amendments, so we call them slight improvements and review, We do not have a problem because we just want to develop the financial market in Iraq because the financial market is not just a stock market. , But is also a market tools bank and there is a desire of the central bank and many destinations To develop the financial market, through debt securities as "
The source, who preferred not to be named, said that the point that points to the addition of five members from outside the Central Bank of Iraq with expertise and competence in the financial, banking or legal affairs of the Governing Council is a wrong term, because the central must be independent and away from Interests, whether private or governmental, and can not sit in the board of directors and say I represent the private sector or the government, because this imbalance in the independence of the Central Bank, and I do not think this paragraph exists in the new amendment of the law, Law, because the central bank is an independent institution Not only the government but also for the financial sector, so that it can be neutral in its decisions.
The latest amendment to the Second Central Bank of Iraq Law, the first amendment was made in 2007.
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