Exchange Commission on economy: a large project, the Central Bank may not execute without reference to the House of representatives

Saturday 4 August 2012Agencies- charged economy and Investment Committee member of National Alliance MP Salman al-Musawi, the Central Bank to override the powers of Deputies and Ministers with regard to the replacement of local currency.

Al-Musawi said in a press statement: “when meeting with Central Bank Governor and his Deputy found that the draft does not delete zeros from the currency, but replacing the entire national currency with change their symbols and format and enter the Kurdish language, and this is not the work of the Central Bank because it is a great project that affects all spectrum of the Iraqi State and doctrines.

“The Constitution, granting full powers to the Federal Government in the implementation of important projects affecting the citizen as a project to replace the national currency and need a new law legislation submitted by the financial and economic committees in the House of representatives is voting and then implemented by the Federal Government, the Central Bank is not entitled to make any change in the currency without reference to the” House of representatives “.

He warned: Exchange and delete three zeros from the current period because it would be detrimental to the national economy is still supported on oil cash, but you must consider how to support the economy of various sectors of activation, the private sector and then go to application of exchange project after deleting three zeros.

Moussaoui Prosecutor ruled out: the implementation of the project in the coming year, saying it needs time for its application starts to support economic sectors first and then apply it to avoid the country’s economic problems may occur when you perform.