House does not have the capacity and appropriate mechanisms to monitor the performance of the Central Bank
Salman al-Musawi: House of Representatives does not have the capacity and appropriate mechanisms to monitor the performance of the Central Bank
Thursday 9 August 2012
BAGHDAD – and babysit – A member of the Committee of Economy and Investment Salman al-Moussawi said the House of Representatives to possess the ability to monitor the performance of the Central Bank because of his lack of experts in financial management and banking.
He said in a press statement: “The Central Bank Governor Sinan Alchbibi rejected earlier that the central bank is subject to the supervision of the executive branch as an independent body and that the Constitution make the control of the central bank linked to the Council of Representatives.”
He said al-Musawi, “the lack of an appropriate mechanism with the Council to monitor the performance of the bank, which led to the occurrence of errors appear from time to time, indicating that the control of the Bank need to be experts in financial management, banking and specialized accounting, which is not owned by the parliament.”
He stressed the need to be control of the central bank shared between the legislative and executive branches of the importance of this joint, which is the pillar of the foundation in the development of fiscal policy of the country and if they signed any error, it will reflect negatively on the Iraqi street, stressing that the executive branch has the people Mokhtsaan in this area in addition to the appropriate mechanisms for follow-up. ”
He continued, “We have asked for more than once that the Bank deals directly with Aalmistord Iraq by import license through the opening of a credit to him, and be accountable for the goods entering the country, but the bank deal with a limited number of banks, but do not know him this deal so far” … p / i