Thread: Central Bank of Iraq

Central Bank of Iraq criticizes the Federal Court decision which connects independent bodies under the chairmanship of Minister

Central Bank of Iraq, criticizing the decision of the Federal Court decision to link independent bodies under the chairmanship of cabinet and not under the chairmanship of the parliament, and that this constitutes a threat to the Iraqi funds.

The bank said in a statement issued on Monday and received a copy of the Sumerian News that "we have developed under the auspices of the government according to the Federal Court decision makes the Bank's assets abroad are subject to seizure by creditors."

The bank said that the independence that the "prescribed by law was and is still the only thing that guarantees are not exposed Iraq's financial resources abroad for procedures for the confiscation of international creditors," adding that "those goals do not necessarily coincide with the objectives of the executive branch."

The Bank continued to "stay away from the executive authority is required by the current phase and future as Ttlapth phase that followed the fall of the former regime," according to the statement.

The Federal Supreme Court issued a decision in January 18 this provides a link independent bodies referred to in the Iraqi constitution, including the Central Bank under the chairmanship of Prime Minister directly, not under the chairmanship of the House of Representatives, and the decision came at the request to show a link bodies of Cabinet Office submitted to the Federal Court in second week of December last year.

Iraq is still facing claims for compensation from the Kuwait war in 1990 was also faced with paying hundreds of millions of dollars in private suits in the United States as soon as he left the sanctions imposed by the United Nations under Chapter VII.

The leader of the National Alliance, Bahaa al-said in an interview for "Alsumaria News", the first on Saturday, said that "a disaster will be resolved on Iraq, when linked to independent bodies of the Cabinet," noting that "the Central Bank of Iraq is one of independent bodies, even if associated with prime minister, funds will be transformed into government money and this means that all of Iraq requests funds will book them and take these stocks are the billions of Iraqi currency. "

Has included a chapter IV of the Constitution of the Republic of Iraq for the year 2005, independent bodies within the articles (102-108) promised to the Constitution in Article (102) each of the High Commissioner for Human Rights, the Independent Higher Commission for Elections and the Integrity Commission, independent bodies operate under the control of the House of Representatives, and thus associated with these bodies the highest legislative authority in the Iraqi constitution, and is organizing its law issued by the Council of Representatives.

The earlier decision of the Federal Court of reactions by the political blocs in which he described the Kurdistan Alliance, last Thursday, the Federal Court decision to "not successful", adding that it could dilute the independence of these bodies. It also considered the Iraqi List, in the words of spokesman Haidar al-Mulla that the decision was a coup the Constitution, a claim the presidency of the Council of Representatives and leaders of political blocs to take a firm stand to protect democracy in Iraq,

The Supreme Judicial Council on the lips of his spokesman, Abdul Sattar Bayraktar that "the decisions of the court is bound by all the authorities not subject to appeal any decision of its decisions or to resolve the court and re-appointment of other persons," noting that "every point of consideration to any decision by the Federal Court from the standpoint of partisan or personal interests."

The text of the law set in 2004 by the U.S. civil administrator in Iraq Paul Bremaraly the independence of the central bank, the Bank was granted the task of ensuring price stability in the home and building a stable financial system, competitive and market-based view to promoting sustainable growth and employment and prosperity in Iraq.

The Iraqi Constitution refers in the door the fourth under the title (independent bodies) to a number of bodies and organs, Kdioan financial control, and Communications and Media Commission, and National Commission for de-Baathification, which replaced the Supreme National Commission for Accountability and Justice, as the Constitution defines the nature of their relationship to the House of Representatives or Council of Ministers.

http://www.alsumarianews.com/ar/1/16...-details-.html

CBI calls on the Federal Supreme Court to issue an interpretative decision shows its first

Called on the Iraqi Central Bank, on Monday, the Federal Supreme Court to issue a second resolution Legend explains its decision to link the first independent bodies, headed by cabinet and not under the chairmanship of the parliament, warning of the dangers it faces many of the country in the event of leaving the decision without explanation.

The adviser said the Iraqi Central Bank Governor appearance of Mohammed Salih in an interview with "Alsumaria News", "The timing of the decision the Federal Supreme Court attachment to independent bodies under the chairmanship of Minister, and not under the chairmanship of the parliament, was unfortunate and unambiguous non-constructive", urging to "issue a decision Legend shows central bank independence."

Saleh added that "the decision left without clarification, Sierdhana to the problems and many dangers lie in the mixing of government funds with the central bank money as a pretext for the creditors and the courts of Foreign Affairs, in particular we are in the stage of implementing Security Council resolution No. 1956 issued by the middle of last December, the process of lifting the immunity of funds Iraq after June next."
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The benefit of "We were surprised by the decision, the Federal Court is supposed to meet with the Governor of the Central Bank and the bank's board and get to know what will happen," adding that "the decision is binding and can not be overridden only amend the constitution through the parliament."

The central bank adviser that "the Bank seeks to protect the funds of the government under its umbrella, and when the parachute does not reveal this because there is protection," noting that "the independence of the central bank has given protection to assets and savings that are the Iraqi people."

Salih stressed that "the Iraqi Central Bank independent practice under the Act No. 56 of 2004", noting that "this independence implies that does not receive orders from the government or its organs in any way in the implementation of policies and tools, and not to lend the government reserves, and subject accounts for external auditing according to international standards. "

He said the central bank adviser that "the Bank is associated originally the House of Representatives and accountable to him, as stipulated by the Constitution in Article 103," between that "the law granting the central bank independence in achieving its objectives, and if he fails to achieve them is up to its accountability to Parliament", and called on "the Federal Court to a second resolution, the first explains the law and explains how central bank independence."

He said the process of the steps taken by the central bank towards the resolution in the case remained on what it is that "the Bank will move Bugetin First, the House of Representatives as the author of the right Bmsaelth front of him, namely the enacting of laws, expressing the wishes and goals of the people," explaining that "the Bank will also travel to the Iraqi government to discuss the matter calmly to ensure the best interest of the country."
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The leader of the National Alliance, Bahaa al-said in an interview for "Alsumaria News", the first on Saturday, said that "a disaster will be resolved on Iraq, when linked to independent bodies of the Cabinet," noting that "the Central Bank of Iraq is one of the independent bodies, even if associated with prime minister, funds will be transformed into government money and this means that all of the demands that Iraq funds will be asked to seizure of stocks of the Iraqi currency."

The earlier decision of the Federal Court of reactions by the political blocs in which he described the Kurdistan Alliance, last Thursday, the Federal Court decision to "not successful", adding that it could dilute the independence of these bodies, was considered as the Iraqi List, in the words of spokesman Haidar al-Mulla that the decision was a coup the Constitution, a claim the presidency of the Council of Representatives and leaders of political blocs to take a firm stand to protect democracy in Iraq.

For his part, the Supreme Judicial Council on the lips of his spokesman, Abdul Sattar Bayraktar that "the decisions of the Constitutional Court are binding on all authorities may not appeal any of them, or dissolve the court and re-appointment of other persons," noting that "every point of consideration to any decision issued by the Federal Court from the standpoint of partisan or personal interests. "

The text of the law set in 2004 by the U.S. civil administrator in Iraq Paul Bremaraly central bank independence, and the granting of the law, the Bank task of ensuring price stability in the home and building a stable financial system and competitive market-based view to promoting sustainable growth and employment and prosperity in Iraq.

http://www.alsumarianews.com/ar/1/16...-details-.html

Parliament Speaker and the Governor of the Central Bank Inaqachan seriousness the government's supervision of the Central Bank

Discuss Speaker Osama Nujaifi with Central Bank Governor Sinan al-Shabibi the importance of preserving the independence of the Central Bank of the seriousness of the situation the central bank under the supervision of the government.

A statement from the House of Representatives Tuesday Nujaifi discussed during a meeting Shabibi and economic adviser to the appearance of Mohammed Saleh has the Federal Court decision on independent bodies and the seriousness of the situation the central bank under the supervision of the government.

The statement added that Shabibi stressed that the resolution of Iraq will lose its responsibility to protect its assets and deposits abroad, and the independence of the Central Bank.

http://radionawa.com/ar/NewsDetailN....596&LinkID=158

BANK: Bank assets abroad will be subject to confiscation by creditors

Criticized the Central Bank, has read the Federal Court decision to link independent bodies under the chairmanship of cabinet and not under the chairmanship of the parliament, noting that it constitutes a threat to the Iraqi money.

The bank said in a statement Sdranh Monday and received a "morning," a copy of which was that "we have developed under the auspices of the government according to the Federal Court decision makes the Bank's assets abroad are subject to seizure by creditors."

The bank said that the independence that the "prescribed by law was and is still the only thing that guarantees are not exposed Iraq's financial resources abroad for procedures for the confiscation of international creditors," according to the statement.

The Federal Supreme Court issued a decision in 18 of the month provides a link independent bodies referred to in the Iraqi constitution, including the Central Bank under the chairmanship of Prime Minister directly, not under the chairmanship of the House of Representatives, and the decision came at the request to show a link bodies of Cabinet Office submitted to the Federal Court in second week of December.

The Federal Court's decision to mixed reactions by the political blocs, each supporter of the resolution and some of his shows.

The Supreme Judicial Council on the lips of his spokesman, Abdul Sattar Bayraktar that "the decisions of the court is bound by all the authorities not subject to appeal any decision of its decisions or to resolve the court and re-appointment of other persons," noting that "every point of consideration to any decision by the Federal Court from the standpoint of partisan or personal interests."

http://www.alsabaah.com/ArticleShow.aspx?ID=1514

Iraq court ruling of independent bodies sparks row

An Iraqi court ruling linking the central bank and election commission to the cabinet has sparked widespread criticism that it threatens Iraq's savings and undermines the credibility of the two bodies. Several of the agencies affected have already criticised the supreme court ruling, noting it harms their non-partisan reputation, while opponents of the decision have said it was a move by the government of Prime Minister Nuri al-Maliki to consolidate power.

Among the most prominent critics of the move was central bank governor Sinan al-Shebibi, who warned on Tuesday that the ruling threatened Baghdad's assets overseas.

"Iraq will lose its ability to protect its savings overseas due to this decision," Shebibi said in a meeting with parliament speaker Osama al-Nujaifi, a statement by the legislator's office said.

"The independence of the bank was, and is, still the only guarantee in order to protect the financial resources of the bank, and stop confiscation procedures by international creditors."

With the central bank tied to the cabinet and its independence in doubt, according to Shebibi, its accounts would be seen as an extension of the Iraqi government, and would be open to claims by Iraq's creditors.

Iraq faces a host of potential claims, dating from the 1991 Gulf War, from several countries and many businesses and individuals, after UN Security Council protection of its funds expires in June.

The January 18 ruling put several key bodies under the supervision of the cabinet, arguing that their work was executive in nature, so they should be answerable to the cabinet and not Iraq's parliament. Among the agencies affected are the central bank, the election commission, the anti-corruption watchdog and the human rights commission. The ruling followed a request for clarity on the relevant constitutional clause by Maliki's office on December 2, after a power-sharing agreement had been hammered out by Iraq's divided political factions ending nine months of stalemate following elections, but before the premier had named a cabinet.

Election commission spokesman Qassim al-Abboudi, who is also a judge, said the ruling lacked "any legal basis".

"Connecting the election commission to the government harms its reputation," added Abboudi, a member of the commission's board.

Political opposition to the court ruling has also been swift, including from MPs whose parties are members of Maliki's fledgling national unity government which was formed little more than a month ago.

"We believe that this ruling is wrong, and a politicised decision that will not serve the political process," said Jamal al-Batikh, a senior member of the Sunni-backed Iraqiya bloc which holds 91 seats in the 325-member legislature.

Batikh said Iraqiya would raise the issue in parliament in the coming days. Mahmud Othman, an MP with the Kurdistan Alliance which holds 49 legislative seats, added: "We do not agree that independent commissions should be under the control of the executive authority."

The supreme court, however, has insisted that the ruling is final and cannot be appealed, with judicial spokesman Abdelsattar Birakdar claiming that a practice of linking independent bodies with "executive characteristics" to the cabinet was commonplace around the world.

But its ruling has been questioned by Iraqi legal experts and international analysts. "The independence of these organisations is written into the constitution," said Dhia Saadi, the former head of Iraq's Bar Association. "The decision of the supreme court will impose more restrictions on their actions."

"It is an attempt on the part of the cabinet to absorb all of these bodies with the goal of imposing their will. This step is in violation of the constitution," he said.

Ali al-Saffar, Iraq analyst with the Economist Intelligence Unit in London, described the ruling as "worrying." He said it would perpetuate a view that the election commission, which "has been seen as being politicised," was "just a branch of the government."

It could also "make it easier for political decisions to be carried out by the central bank and that would be quite a tragedy because of the success it has had over the past few years," he said by telephone.

"For people that don't read the fine print, and that's 99 percent of people in the country, it's going to be interpreted as it looks, and it looks like the executive branch is concentrating power in its own hands."

http://www.zawya.com/Story.cfm/sidAN...20sparks%20row

Iraq central bank chief fears assets at risk

Iraq's central bank governor said on Tuesday a court ruling putting the bank under cabinet supervision could threaten its assets abroad and open the door for international creditors to lay claim to its deposits.

Sinan al-Shebibi's warning was the latest in a series of criticisms of a January 18 supreme court decision that ties several key independent bodies to the government.

"Iraq will lose its ability to protect its savings overseas due to this decision," Shebibi said in a meeting with parliament speaker Osama al-Nujaifi, a statement from Nujaifi's office said.

"The independence of the bank was, and is, still the only guarantee in order to protect the financial resources of the bank and stop confiscation procedures by international creditors."

With the central bank tied to the cabinet and its independence in doubt, according to Shebibi, its accounts would be seen as an extension of the government and would be open to claims by Iraq's creditors.

Baghdad owes neighbouring Kuwait around $22 billion in war reparations resulting from Saddam Hussein's 1990 invasion of the emirate, paid out of Iraq's oil revenues.

That is in addition to an estimated $8 billion in bilateral debt and around $1 billion owed to Kuwait as a result of a court judgment over a dispute between the two countries' state airlines.

The January 18 ruling tied several key bodies to the cabinet, arguing that their work was executive in nature, so they should be answerable to the cabinet and not parliament.

Also affected are the election commission, the anti-corruption watchdog and the human rights commission. On December 2, Prime Minister Nuri al-Maliki asked the court for clarification on whether these institutions fall under cabinet or parliamentary supervision.

http://www.zawya.com/Story.cfm/sidAN...ts%20At%20Risk

Concerns over Iraqi central bank

An expert in the law said on Monday that the Iraqi Central Bank of Iraq is an independent board that cant be linked to the Council of Ministers.

The Central Bank of Iraq warned that its foreign assets would be confiscated by the Iraq's creditors if sponsored by the government instead of the parliament.

The Legal expert, Hassan Shaaban, the General Coordinator of Human Rights and Democracy Assembly in Iraq told AKnews that the central bank of Iraq should not be under the supervision of the Council of Ministers because it is a board that should be managed professionally, independently and without any link to the government."

The Iraqi Federal Court issued a decision in January 18 to link the independent boards referred to in the Iraqi constitution, including the central bank of Iraq by the prime minister office directly, not the parliament.

Shaaban added that the Central Bank of Iraq has the right to object and appeal in the Federal Court decision.

The central bank said in a statement issued today that its independency that is provided by the Iraqi law was still the only thing that guarantees its financial resources abroad not to be under the confiscation procedures by the country's international creditors.

http://www.zawya.com/Story.cfm/sidZA...k%20-%20Expert

Iraqi Central Bank raises bonds worth 400 billion dinars per month

Iraqi Central Bank said on Wednesday, it begs the bonds worth 400 billion dinars per month in accordance with interest rates ranging from 4.5 to 8%, depending on the amount of supply and demand by the Ministry of Finance and government banks.

The central bank adviser said the appearance of Mohammed Saleh told the Kurdish news agency (Rn) that "the central bank sells bonds to the Ministry of Finance of up to $ 200 billion dinars every two weeks."

"The size of the interest charged by the Bank on these bonds depends on the liquidity of funds in these banks and the amount of supply and demand by the Ministry of Finance."

Saleh explained that "the value of the interest rate hit 4.5% in case there is an abundance of funds in banks, while the rise of the interest for up to 8% in the case of a shortage of liquidity for banks."

He continued that "the interest rate determined by a consensus between the Bank and the Ministry of Finance and affiliated banks," noting that "the central bank conducting a policy of borrowing to cover the deficit in the NA financial liquidity."

The Iraqi Federal Court issued a decision in January 18 of this attachment provides independent bodies referred to in the Iraqi constitution, including the central bank, as prime minister directly, not the House.

He criticized the Central Bank of the Federal Court decision, saying in a statement Monday that the decision poses a threat to the Iraqi funds.

The court's decision on the inquiry of Prime Minister Nuri al-Maliki is considered to be linked to some independent bodies with the operational nature of their work in the House of Representatives is not in conformity with the competence of the Council and contrary to the principle of separation of powers.

Indicates Chapter IV on "independent bodies" in the Article (102) that is the UN High Commissioner for Human Rights and the Electoral Commission for elections, and the Integrity Commission, independent bodies under the control of the House of Representatives, and organize their work by law.

While recalling Article (103) of the first section is the same that all of the Iraqi Central Bank, the Office of Financial Control, and Communications and Media Commission and the endowment offices, bodies, financially and administratively independent, and the law regulates the work of each of them.

As indicated in paragraph II of the same article that the Central Bank is accountable to the Iraqi Council of Representatives and the Financial Inspection Office and the Information and Communications House of Representatives, while the third point of the same article that linked Endowment Council of Ministers.

http://www.aknews.com/ar/aknews/2/213427/

Planning and the central bank were discussing a mechanism to address Iraq's debt

Minister of Planning and Research Agency with Nassar al-Rubaie of the Iraqi Central Bank Governor Sinan al-Shabibi a mechanism to address the accumulated debt of Iraq.

A statement from the Ministry of Planning Wednesday that al-Rubaie met with Iraqi Central Bank Governor Sinan al-Shabibi his office in the ministry's headquarters in Baghdad.

During the meeting they discussed ways ta'zeer cooperation between the Ministry of Planning and Central Bank of Iraq was discussed during the meeting the debts of Iraq and the treatment mechanism also addressed the meeting to discuss monetary policy in Iraq and the issue of inflation indicators in Iraq.

The statement added that the central bank governor praised the significant role played by the Ministry of Planning and special Central Bureau of Statistics and support it continued to the Central Bank with all the indicators for inflation important in preparing for monetary policy.

http://radionawa.com/Ar/NewsDetailN....747&LinkID=155

Central reveals the financial restructuring of banks-governmental organizations during the current year

The central bank adviser said Wednesday that this year will see the financial restructuring of banks after the government succeeded Pttaiwiramlh banking during the last period.

He said the appearance of Mohammed Saleh told the Kurdish news agency (Rn) that "the government banks run by the Ministry of Finance will see a financial restructuring after it made a clear performance in banking during the past years."

Saleh added that "the central bank will adopt three main axes for the development of banking in the country, a system of payments and the participants and the electronic address system, made after the Ministry in organizing the work of banks through three axes in spite of the obstacles encountered in their work."

He explained that "more than 90% of cash transactions in Iraq depends on the good bank and Iraq deployed throughout Iraq, which requires developed between now and then the other."

Salih noted that "the government banks had made progress in electronic banking transactions through the introduction of the smart card system and the efficiency of workers in the development of electronic banking."

And Ministry of Finance announced the Iraqi quest over the next year to develop an integrated plan to develop e-government banks and financial relations in the activation of this aspect.

The Ministry refuses to transfer to the privatization of government banks, despite pressure from the International Monetary Fund and activating the role of private banks and increasing their number in the country.

The Iraqi government is still limited in its financial transactions on the government banks approved by 85%.

And called on the Ministry of Finance earlier in the Iraqi Central Bank to take resolute action in granting licenses for the establishment of private banks.

http://www.aknews.com/ar/aknews/2/213543/