Central Bank: Our law gives full autonomy from the government are not allowed to lend to fill the va

Central Bank: Our law gives full autonomy from the government are not allowed to lend to fill the vacuum budget



Author: ASJ, BS
Editor: AJ, BS 4.18.2014 1:11 p.m. number of readings: 19










Long-Presse / Baghdad

Iraqi Central Bank announced on Friday that the government "will not impose its policies upon because of its law," and that the law gives him "full autonomy from the government 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 authority to the government. "

The administration has said the central bank in the gallery its written reply to questions addressed to her (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 that does not offer any loans to the government and does not receive orders from the government in the formation of Ssayasath and calculations are subject to international standards. "

She added that the bank's management, "the central bank reserves accumulated by previous expenses of the budget," adding that "Iraq's stockpiles of reserve funds covered the cash flow over the past years and so is out of the financial power of the government."

The parliamentary Finance Committee revealed, in (March 3, 2014), that the Iraqi government "$ 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 the existence of a financial surplus of simple Iraqi oil sales. "

The parliamentary Finance Committee announced, on 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 the government will have to borrow from the central bank to pay employees a month in March.

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 the Finance Committee that the government is "threatened with bankruptcy" within four months if did 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's financial hard currency.

The Iraqi Prime Minister, Nouri al-Maliki, carry on (the 19th of February 2014), the House of Representatives and the "parties seeking to thwart the formal status of" responsibility to the late adoption of the law of the financial budget for the current year of 2014, and confirmed that those parties "want the government to fail."

It is noteworthy that the Development Fund for Iraq, DFI form under UN Security Council Resolution 1483 to protect Iraqi funds from international claims and pirated after the events of the year 2003.

The Iraqi Central Bank revealed, in the (April 13, 2014), the arrival of its reserves of hard currency to the equivalent of 90 trillion dinars end of February, while expected to continue to increase the proportion "not great" not being able to reach the barrier percent billion, attributed So to feed the expansion of foreign trade to the private sector.

It is noteworthy that the Iraqi Central Bank, announced in (the 23 of December 2013 the past), the arrival of the foreign currency reserves of more than 88 billion dollars, returned it contributes to the stability of the dinar could be a "source of pride" for the Iraqis.

The Central Bank of Iraq, had announced in May 2013, on the arrival of foreign currency reserves to 74 billion dollars, saying that it represents "the highest rate of" record in the history of Iraq.

The central bank of Iraq, in the (third from April 2014 current), the arrival of the gold reserves of 90 tons to support the value of the Iraqi dinar, noting that it contributes to the enhancement of the national economy.






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