Economic seminar concludes the efficient functioning of the CBI during the previous period
A number of economists, ministers and members of the House of Representatives and a number of academics on the efficient functioning of the central bank during the period preceding and during the tenure of Dr. Shabibi for the post of governor and the appearance of Dr. Mohammed Saleh as his deputy.
They said in the talk’s (range) during the seminar held by the Iraqi Institute for Economic Reform on this issue that there is a consensus about the performance of the central bank, which has been successful and sound in various matters and issues falling within its jurisdiction, with commissioning the Iraqi Institute for Economic Reform task and achieve progress in its work for the next phase .
Decision is legislative and non-supervisory! The judge said the former parliamentary Wael Abdul Latif’s decision to House Speaker to withdraw by conservative Dr. Sinan Shabibi and the issuance of arrest warrants and the appointment of Supreme Audit conservative proxy is not a decision legislatively to a mechanism in the legislation of laws and decisions, as is not censorship for violating the recommendation of the Interim Committee the provisions of Article 61 of the Constitution, as well as longer administratively to not extend the administrative jurisdiction of the President of the House of Representatives on the Central Bank, so resolution is non-existent or have legal implications.
He added: The Council of Ministers’ decision numbered 45 16.10.2012 issued without reference to any constitutional or legal grounds, and therefore does not have legal implications, because the decision is unconstitutional and illegal is nothing either, as shares of such use is fair passage and the destruction of the opportunity to improve performance and raise the level of cooperation for the reform of the monetary system and financial alike.
How Chief executive position watchdog at the same time?! Said former Transport Minister Amer Abdul-Jabbar: I’ve had a distinctive performance of the Central Bank has contributed to raise the value of the dinar exchange of 1500 dinars per dollar to 1170 dinars per dollar, as well as raising the central bank reserves of $ 5 billion to more than $ 68 billion. He explained: that the procedures of Parliament in this regard was urgent, as well as criticism stinging the president takes the BSA as an executive to manage the central bank and agency it represents a watchdog At that unlike clear of the law, and wished discuss the matter professionally away from political differences and not reversible negatively on the reputation of the Iraqi Central Bank internationally.
Central Bank managed to adopt a monetary policy to promote economic growth So see financial expert Dr. super Abdul Rasul that the management of the central bank administration was conservative and successful at the same time, honest public money and the interests of the country, and it was required to provide some flexibility in the topic dealing with the government, but that the commitment to manage the bank the previous kind of strong commitment and strict in order to achieve the goals of monetary policy was the foundation of the problem between the two sides, except that there is no better management and administration أنزه those of senior government cadres in Iraq. Said Abdul Rasul: The bank was able to adopt a monetary policy has facilitated the process of economic growth and have had some negative effects on economic stability, while showing the bank management sufficient flexibility by being pressed upon by private banks not to give high interest to commercial banks, which made him cut price interest from 20% to 5%, making banks to launch their balances with the Central Bank, and at the same time and because of the rapid rise and the great growth rates accumulated in banks cash high of 13% to 52%, making it looking for foundations and monetary policies to stimulate the banking system lending for funding by changing the monetary policy, making their liquidity is very low.
Fiscal policy needs to review monetary policy In the eyes of an economist at the International Centre for Consulting Dr. Tawfiq inhibitor that monetary policy in Iraq is much better than fiscal policy which are needed to review by Parliament and the Commission on Integrity in it, and the decision is a kind of gambling because it touches Iraqi dinar exchange rate and monetary policy, and everyone agrees that hasty decision.
And wondering about doing the process of assessing real monetary policy in Iraq since 2003, and have been back to consulting firms and experts in the field to take their subject, and at least from the World Bank to assess the performance, and must be aware that everyone exposed to error that should be taught carefully and for a specific to come up with satisfactory results do not regret it later, and the damage is located on the Iraqi economy is not determined by the government and parliament, but the market and its mechanisms determine the damage and the extent of its impact on the citizen. Maintain the stability of the dinar exchange
The economist said Ahmed al-Husseini: The Central Bank was able to maintain the stability of the Iraqi dinar exchange, as well as the representation of Iraq in international forums and at the International Monetary Fund and others, as well as maintain the trade and economic relations with the world and international independence at large.
The central bank monetary and Iraq’s status and reputation of international interface is one of the interfaces of the country, and that any shake or try to provoke such a suspicion of this prestigious institution makes foreign investors are putting hundreds of question marks about what is happening in Iraq.
Gap between the central bank and the House of Representatives A member of the House of Representatives earlier Muna Zalzala she touched through her work in the Finance Committee in the previous session of the House of Representatives that there is a gap take widen gradually between the central bank and the House of Representatives, and it seems that made members of the House of Representatives acting in this way with the Central Bank in order to accomplish a political aspire to him at the expense of the integrity and efficiency of the best high level administrative apparatus of the Central Bank.
It added that it requires as Let previously to form a circle to follow the budget in the process of preparation and implementation, to get to the points mentioned by the Financial Administration Act No. 94 which specifies that the central bank monetary policy as set by the Ministry of Finance budget to identify the members of the House of Representatives by then implemented, This means the existence of consultative bodies in the House of Representatives, as is the case in the Council of Ministers.
Success in the stability of the currency and the failure to promote sustainable development The head of the Department of Economics, Faculty of Management and Economics – Mustansiriya University Dr. Qusay Al Jabri: that the central bank has succeeded already in stabilizing the currency, etc., but he failed and failed to promote the process of sustainable development, which means building schools and roads and bridges, the fact that the bank did not succeed in achieving cooperation and coordination with the government in this area, which is the largest investor in this field, making him reluctant to be done to achieve sustainable development and sustainable employment and achieve social and economic well-being.
He added: As for the private sector whatever tried Central Bank cut interest rates in order to stimulate private investment, private investment will be responding weak for him to lower interest rates, as the investment in this sector is not subject to variables interest rate, but the climate of public investment in Iraq.