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Expert: Central Bank of Iraq has no right to dispose of Baanaatyate
on: Wednesday 05/27/2015 22:32
Baghdad
emphasized economic analyst Dr Abdul Rahman al-Mashhadani, said that "the Iraqi Central Bank has no right to dispose of treasury of money and gold because the law does not allow him to do so." Mashhadani said in a statement singled out by the Baghdad news, on Wednesday, "there is no explicit provision in the law The central bank allows him to invest his assets and existing reserves has both currency level or gold, this is a constraint that tie the central bank to act Baanaatyate to address the financial crisis plaguing Iraq now. " He added that "the central bank law needs to be revised paragraphs in order to take advantage of reserves, and that the disagreement between the Central Bank of the former Iraqi government of Prime Minister Nuri al-Maliki was due to the absence of a paragraph within the central bank law allow him to lend the government of reserves. " He noted, "The decline in oil prices will not be a reason or motive for the government to borrow from the central bank, and the reason back to the Central Bank Law No. Fifty-six of the year two thousand and four in its sixth article does not permit the government to borrow from the central bank's reserves as well as on the bank's reserves dedicated to the purposes of economic stability. " Between, "The section Kabarmen Iraq reserves in the Central Bank located in the two banks giants ( Federal Reserve Bank of the US and British Bank), is due to the US government next year to impose a tax on Iraqi funds at their disposal. " He explained, "The growing tide of achieving resources from non-resources means generating the issuance of cash again and inflation borne by the next budget without justification, and the government Iraqi and specifically the Ministry of Finance are replacing foreign currency dollar that you earn from the sale of oil with the Central Bank of Iraq for the local currency dinar, to be able to cover internal expenses, therefore, the growth of foreign reserve resources the dollar when the government consists of increasing the prices and quantities of oil sold. " He continued Mashhadani, said "the central bank can not intervene in the face of the financial crisis unless the amendment of its domestic law, and this is an issue to be legal hold them because lending to the government must be done by amending the Central Bank Law."
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on: Wednesday 05/27/2015 22:32
Baghdad
emphasized economic analyst Dr Abdul Rahman al-Mashhadani, said that "the Iraqi Central Bank has no right to dispose of treasury of money and gold because the law does not allow him to do so." Mashhadani said in a statement singled out by the Baghdad news, on Wednesday, "there is no explicit provision in the law The central bank allows him to invest his assets and existing reserves has both currency level or gold, this is a constraint that tie the central bank to act Baanaatyate to address the financial crisis plaguing Iraq now. " He added that "the central bank law needs to be revised paragraphs in order to take advantage of reserves, and that the disagreement between the Central Bank of the former Iraqi government of Prime Minister Nuri al-Maliki was due to the absence of a paragraph within the central bank law allow him to lend the government of reserves. " He noted, "The decline in oil prices will not be a reason or motive for the government to borrow from the central bank, and the reason back to the Central Bank Law No. Fifty-six of the year two thousand and four in its sixth article does not permit the government to borrow from the central bank's reserves as well as on the bank's reserves dedicated to the purposes of economic stability. " Between, "The section Kabarmen Iraq reserves in the Central Bank located in the two banks giants ( Federal Reserve Bank of the US and British Bank), is due to the US government next year to impose a tax on Iraqi funds at their disposal. " He explained, "The growing tide of achieving resources from non-resources means generating the issuance of cash again and inflation borne by the next budget without justification, and the government Iraqi and specifically the Ministry of Finance are replacing foreign currency dollar that you earn from the sale of oil with the Central Bank of Iraq for the local currency dinar, to be able to cover internal expenses, therefore, the growth of foreign reserve resources the dollar when the government consists of increasing the prices and quantities of oil sold. " He continued Mashhadani, said "the central bank can not intervene in the face of the financial crisis unless the amendment of its domestic law, and this is an issue to be legal hold them because lending to the government must be done by amending the Central Bank Law."
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