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Keywords: challenge the federal budget to determine currency auction sales supports the independence of the Bank
BAGHDAD / justice - 07/08/2015
Counting Governor of the Central Bank of Iraq and the Agency on the Keywords, accept the Federal Court appeal in their own financial budget law materials Bank as "supports the independence of the bank and away from influencing its policies and decisions."
Keywords and said in a press release, "The foreign currency sales [the dollar] is not an option and are not the business process or coverage of the activities of a commercial, but is in the Iraqi situation, as is the case in countries which controls the export of foreign currency and a monopoly by virtue of the nature of its oil resources such as States, the process of replacing the Iraqi dinar found in circulation in dollars in order to provide the Ministry of Finance dinar against the dollar, which is received by oil sales, which do not need even need the Iraqi dinar to finance the general budget.
"He added Keywords to" determine the dollar sales ceiling means the result determine the amount of the taxpayer dinar general budget "explaining that" in the case of specifically taking, as stated in the General Budget Law, it means a shortage and a large decrease in the amount required to cover the budget. "and that" the expenses of the dinar if the central bank sold $ 75 million a day as set out in the budget law, it means that the central bank will sell annually the equivalent of almost 22 trillion dinars, while operating expenses [dinars] about 70 trillion dinars.
"He explained Keywords, that" this fact is clear to many who call invitations determine the dollar sales ceiling, as well as a lack of understanding the role of the central bank and its mission to stabilize exchange rates and public prices, which require high and persistent in the quantities sold by the bank.
"He pointed out that" the existence of a significant difference in the exchange rate between the official rate and the parallel market price is paid by the citizen, the economy and investment flexibility and pours huge profits in the pockets greedy and malicious, and can not curb all this only to control the quantities beyond a shadow of those dangerous phenomena.
"He Keywords that" the Federal Supreme Court's decision to accept the appeal submitted by the Central Bank in the materials, which included limitations and orders to the bank, came accordance with the Constitution and the law of the Central Bank "saying the court's decision" constitutes a great importance because of its impact in promoting and supporting the independence of the Central Bank and remove him from influencing the policies and decisions, and this independence is not a matter of form but is the basis of the requirement to enable the central bank to achieve its tasks, particularly in monetary policy by the very nature of the diversity tools and flexible directions ", stressing the central bank governor that" the general budget law governing fiscal policy in spending and annual revenues, something they have to be specific to the items contained in it by virtue of the nature of the resource and expenditure management, "adding that" monetary policy is totally different from the fiscal policy where the nature of movement, flexibility, dealing with changes in the economic situation and market conditions.
"He pointed out that he" did not happen in countries that follow the market system to have the budget law is checked and directed and constrained by the policy of the central bank, or even in the other because the central bank loses its role and took away tools used to create a balance and get to achieve the goals that move the market movement and the economic situation and cases of inflation, recession and other ".ohdd Keywords that" these movements continuously occur and sometimes on a daily basis, and the law of the budget law applies for the year, making the restrictions the real limits and tied for monetary policy and this Unlike its role and nature. "
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BAGHDAD / justice - 07/08/2015
Counting Governor of the Central Bank of Iraq and the Agency on the Keywords, accept the Federal Court appeal in their own financial budget law materials Bank as "supports the independence of the bank and away from influencing its policies and decisions."
Keywords and said in a press release, "The foreign currency sales [the dollar] is not an option and are not the business process or coverage of the activities of a commercial, but is in the Iraqi situation, as is the case in countries which controls the export of foreign currency and a monopoly by virtue of the nature of its oil resources such as States, the process of replacing the Iraqi dinar found in circulation in dollars in order to provide the Ministry of Finance dinar against the dollar, which is received by oil sales, which do not need even need the Iraqi dinar to finance the general budget.
"He added Keywords to" determine the dollar sales ceiling means the result determine the amount of the taxpayer dinar general budget "explaining that" in the case of specifically taking, as stated in the General Budget Law, it means a shortage and a large decrease in the amount required to cover the budget. "and that" the expenses of the dinar if the central bank sold $ 75 million a day as set out in the budget law, it means that the central bank will sell annually the equivalent of almost 22 trillion dinars, while operating expenses [dinars] about 70 trillion dinars.
"He explained Keywords, that" this fact is clear to many who call invitations determine the dollar sales ceiling, as well as a lack of understanding the role of the central bank and its mission to stabilize exchange rates and public prices, which require high and persistent in the quantities sold by the bank.
"He pointed out that" the existence of a significant difference in the exchange rate between the official rate and the parallel market price is paid by the citizen, the economy and investment flexibility and pours huge profits in the pockets greedy and malicious, and can not curb all this only to control the quantities beyond a shadow of those dangerous phenomena.
"He Keywords that" the Federal Supreme Court's decision to accept the appeal submitted by the Central Bank in the materials, which included limitations and orders to the bank, came accordance with the Constitution and the law of the Central Bank "saying the court's decision" constitutes a great importance because of its impact in promoting and supporting the independence of the Central Bank and remove him from influencing the policies and decisions, and this independence is not a matter of form but is the basis of the requirement to enable the central bank to achieve its tasks, particularly in monetary policy by the very nature of the diversity tools and flexible directions ", stressing the central bank governor that" the general budget law governing fiscal policy in spending and annual revenues, something they have to be specific to the items contained in it by virtue of the nature of the resource and expenditure management, "adding that" monetary policy is totally different from the fiscal policy where the nature of movement, flexibility, dealing with changes in the economic situation and market conditions.
"He pointed out that he" did not happen in countries that follow the market system to have the budget law is checked and directed and constrained by the policy of the central bank, or even in the other because the central bank loses its role and took away tools used to create a balance and get to achieve the goals that move the market movement and the economic situation and cases of inflation, recession and other ".ohdd Keywords that" these movements continuously occur and sometimes on a daily basis, and the law of the budget law applies for the year, making the restrictions the real limits and tied for monetary policy and this Unlike its role and nature. "
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