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Abadi adviser: Central bank lending to prevent the government from the reserve
Thursday 3 September 2015
BAGHDAD / .. Economic Adviser to the Prime Minister Mzamr Mohammed Saleh, on Thursday, confirmed that the Iraqi Central Bank Law prohibits lending to the government in any way, noting that the law put in a time when the legislative authorities feared individually government agencies and financial power as a reaction to what was the situation under the former regime.
Saleh said for "Eye Iraq News", that "the law 56 of 2004 prohibits lending to the government, from the reserves of the bank, whether gold or cash reserve", adding that "this prohibition does not apply to the Iraqi market, as part of the responsibility of the Bank, who takes it upon himself to tackle deflation or other. "
"The Bank manages loans that the government borrowed from external sources as a financial agent to her, and the maintenance of its accounts, without having to stand alone process of lending," explaining that "the issue of legislative subject to the authority of the House of Representatives, especially since most countries in the world allow to borrow from the central bank if Low rates. "
And resorted financial authorities in Iraq in more than once to borrow from external sources, at which time the cash reserves of the Central Bank estimated it with 59 trillion dinars, while the gold reserves of 32 tons .anthy / 8
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Thursday 3 September 2015
BAGHDAD / .. Economic Adviser to the Prime Minister Mzamr Mohammed Saleh, on Thursday, confirmed that the Iraqi Central Bank Law prohibits lending to the government in any way, noting that the law put in a time when the legislative authorities feared individually government agencies and financial power as a reaction to what was the situation under the former regime.
Saleh said for "Eye Iraq News", that "the law 56 of 2004 prohibits lending to the government, from the reserves of the bank, whether gold or cash reserve", adding that "this prohibition does not apply to the Iraqi market, as part of the responsibility of the Bank, who takes it upon himself to tackle deflation or other. "
"The Bank manages loans that the government borrowed from external sources as a financial agent to her, and the maintenance of its accounts, without having to stand alone process of lending," explaining that "the issue of legislative subject to the authority of the House of Representatives, especially since most countries in the world allow to borrow from the central bank if Low rates. "
And resorted financial authorities in Iraq in more than once to borrow from external sources, at which time the cash reserves of the Central Bank estimated it with 59 trillion dinars, while the gold reserves of 32 tons .anthy / 8
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