Shabibi: jeopardizing the independence of the central bank shows our money abroad at risk
Shabibi: jeopardizing the independence of the central bank shows our money abroad at risk
28/05/2014 (00:01 pm)
Baghdad / term
Warned the Governor of the Central Bank of the article d. Shabibi said the loss of the Iraqi Central Bank to introduce independence of Iraqi funds abroad to danger and called to not modify any clause regarding the current Bank Act, and pointed out that Iraq needs international protection for the money.
Shabibi said in a statement to the “long” that “central bank money reserved as a reserve in a number of central banks international discreet, since the Central Bank of Iraq enjoys financial and administrative autonomy and independence as well as in decision-making, there are no fears for Iraq’s money.”
He pointed out that “the central bank money is not used in international trade, but effectively contribute to the stability of the national currency as they meet the demand for this currency, as they contribute to the world with the other reserves to stabilize the global monetary.”
He stressed Shabibi that “in the interest of Iraq and the world can enjoy these funds to international protection, and this is the situation we are in now for many years, on the other hand, the government funds in the Development Fund for Iraq is also known as the Iraqi Central Bank, but the central bank puts it at the request of the Iraqi government spent for commercial reasons and general development, and these funds do not enjoy the protection of the central bank as seed money. presidential order has been issued, which protects the central bank money on 19 of this month. ”
He pointed out that the independence of the central bank is very important and it should be the focus and commitment and not to amend the relevant paragraphs in the law of the Central Bank, and that has already disagreed with the government’s central bank, which wanted to put money in the name of international central banks. This command displays the funds at risk in the event of expropriation and economic differences and international business such as non-payment of financial obligations and debt.
He pointed out that “government money does not fall within the reserves of Iraq, but is money that comes from oil revenues are used in commercial and financial transactions of Iraq and it is their nature to spend while the Central Bank reserves invested safely and consider the return on investment is one of the considerations may not be the most important.”
He added that “the central bank has at the time of procuring citations from some central banks on the subject, which showed that the money must be deposited on behalf of the central bank, the difference is that the part that represents reserves of these funds are disposed of by the Central Bank and the part that represents government funds spent by order of the government of the Central Bank, “adding that” our experience with international central banks in maintaining Iraq’s funds and currency reserves were so helpful and very rich Iraq Iraq did not incur any loss remember in this area. ”
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