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Controversy over the independence of the Central Bank
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7/08/2015Controversy over the independence of the Central Bank
Admission of the Federal Court of appeal in the budget materials and in particular Article 50 will support the independence of the central bank and away from influencing its policies and decisions.
BAGHDAD - confirmed economist Maitham Laibi that the acceptance of the Federal Court of appeal in the budget materials and in particular Article 50 will support the independence of the central bank and away from influencing its policies and decisions .
Under article 50 of the general budget for the financial year 2015 Law, the Central Bank establishes its sales of foreign currency (dollar) in the daily auction ceiling does not exceed $ 75 million a day, with the exercise of justice in the sales process, to co-bank demand at the auction to provide the introduction of cargo documents and data settling accounts and tax savings Alkmarki within 30 days from the date of purchase and the amount otherwise apply to the bank penalties stipulated in the Central Bank Act or regulations issued it and use other banking instruments to maintain the strength of the dinar against the dollar .
He told Aabaan role of Article 50 was not only a negative signal to the market, which has weakened the power of the central bank and the dollar, because it gave the impression of independence and not to the central bank's ability independently to maintain the value of the dinar .
He added that the challenged articles of the budget is one of the legitimate claims of the Central Bank, which represents an interference in the work of monetary policy, a victory for the independence of the Central Bank, pointing out that the relationship between the central bank and the parliament does not represent the tutelage relationship or dependency as far as a relationship of supervision and control .
Coffee and continued that despite of approving the budget and Ooda Article 50 which identified the amounts of sales at 75 million dollars, but that the central bank does not comply with all the past months Bimbiath number $ 75 million contained in the article .
The Federal Supreme Court decided Monday not to rule the constitutionality of a number of materials for the federal budget in 2015, stressing that the legislation was contrary to the contexts provided for in the Constitution .
It is noteworthy that the Governor of the Central Bank on the Keywords confirmed last Monday, that the identification of the dollar sales ceiling means the result determine the amount of the taxpayer dinar general budget, pointing out that in the case specifically taking, as stated in the General Budget Law, it means a shortage and a large decrease in the amount of required dinar to cover the budget expenditures .
And that if the central bank sold $ 75 million a day as set out in the budget law, it means that the central bank will sell annually the equivalent of almost 22 trillion dinars, while operating expenses (JD) about 70 trillion dinars.
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