Central asserts its independence from the government and stresses that the law does not allow lends to bridge the budget deficit
Central asserts its independence from the government and stresses that the law does not allow lends to bridge the budget deficit
04.19.2014 (0:01 pm)
BAGHDAD / Acer Jabbar
Iraqi Central Bank announced that the government “will not impose its policies upon because of its law,” and that the law gives him “full autonomy are not allowed to lend because of the delay in adoption of the general budget, stressing that Iraq’s stockpiles reserve of money” out of the financial power of the government. “Said the bank’s management Central in the gallery its written reply to questions addressed to it (the long-Presse), “The Iraqi Central Bank Law No. 56 of 2004 prohibits the government from imposing its policies on the Central Bank of Iraq,” explaining that it “gives the bank full autonomy from the government so as not to make any loans to the government and does not receive orders, including the formation of policies that are subject accounts to international standards. ”
She said the bank’s management that “the central bank reserves accumulated by expenses prior to the budget,” adding that “Iraq’s stockpiles reserve funds covered the cash flow over the past years and so is out of the financial power of the government.” The parliamentary Finance Committee has revealed, on March 3 the past, that the Iraqi government “$ 4.5 billion” in the Development Fund for Iraq, DFI, noting that it “is able” to cover the salaries of the staff of the Iraqi state, stressing that “there is no fear on salaries for the existence of a financial surplus of simple Iraqi oil sales.” The parliamentary Finance Committee has, in the February 24, 2014, the assets of the Development Fund for Iraq, DFI current amounting to six billion dollars just is not enough to pay the employees ‘salaries for the month of March, and suggested that the government will have to borrow from the central bank to pay employees’ salaries for the month of March. Noteworthy that the two committees the parliamentary financial and economic, have called, in (12 February), to deal seriously with the warnings of the International Monetary Fund on increased government spending, and its implications for monetary reserves, while showed the Finance Committee that the government is “threatened with bankruptcy” within four months if you do not pass the budget , saw the economic counterpart, estimates that the budget “did not take” into account the regional and global developments, and it prepared about “hazy and unclear” and was a “mere allocations”, warning of prejudice Iraq’s financial reserves of hard currency.
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