A legal expert explains who is responsible for setting the exchange rate and the role of Parliament
A legal expert explains who is responsible for setting the exchange rate and the role of Parliament
2021-03-26 | 07:13
Legal expert Ahmed Muhammad al-Abadi confirmed that the Central Bank of Iraq Law No. 56 of 2004 was issued before the constitution came into effect in 2005, and therefore the law did not explicitly stipulate oversight by the House of Representatives.
Al-Abadi said, “Article 130 / Second Clause of the Constitution explicitly states that the Central Bank is accountable to the House of Representatives (the Central Bank of Iraq is accountable to the House of Representatives) as well as Article 61 of the Constitution which gives the House of Representatives the authority to monitor the performance of the executive authority in general. The central bank is an independent body and part of the executive authority. ”
He added, “Determining the exchange rate of the Iraqi dinar against foreign currencies is within the authority of the Central Bank, but the House of Representatives has the authority to monitor that.”
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