Iraqi central bank says assured of independence

[hablrob]

Shabbi Shabbs still states CBI independance.

Though, " no harm in coordinating or work with cabinet".

This should be good news.

Iraqi central bank says assured of independence

Tuesday, Feb 1, 2011

Iraqi central bank says assured of independence

BAGHDAD (Reuters) - The head of Iraq's central bank said on Tuesday he was not worried the bank's independence may be compromised by a court ruling placing it under the cabinet, despite having warned Iraq's overseas assets could be at risk.The Iraqi supreme court last month ruled that several ostensibly independent institutions, including the central bank, the anti-corruption watchdog and the electoral agency, should be supervised by the cabinet, and not by parliament.

The decision was prompted by a request for clarification from Prime Minister Nuri al-Maliki, and the decision sparked accusations from critics that the Shi'ite leader was trying to consolidate power after being reappointed in December.

Maliki, whose government is trying to pull Iraq out of the chaos wrought by the 2003 U.S.-led invasion, pledged on Monday it would not curtail the independence of the institutions or attempt to use central bank reserves to fund spending.

"The central bank will insist on its independence, but there is no harm in coordinating our work with the cabinet," the head of the Central Bank of Iraq, Sinan al-Shabibi, told Reuters.

"The bank is independent, financially and administratively, and therefore all procedures and policies that it adopts are independent," he said after meeting lawmakers in parliament.

The bank earlier issued a statement after the court ruling warning that any loss of independence could expose its overseas assets to the threat of confiscation by Iraq's creditors.

Lawmakers discussed the ruling on Tuesday and decided to appoint a committee to consider its implications. Parliament would then issue an opinion, said speaker Osama al-Nujaifi, a member of the Sunni-backed Iraqiya coalition that is a part of Maliki's government but often critical of him.

"This ruling may not affect democracy in Iraq now as the current government is inclusive," Faraj al-Haidari, head of the Independent High Electoral Commission, told Reuters.

"But what if a new majority government forms in the future and a single party dominates? That is the real risk of bringing the electoral commission under the executive power," he said.

http://www.reuters.com/

[mariejose]

IF SHABBS IS NOT WORRIED -I'M NOT WORRIED

[cgbrown]

Then RV and show full independence from the iraqi government.

[tkc]

Then RV and show full independence from the iraqi government.

right on !!!!!!!!!!!!!!!!!!

[BW3]

"Maliki, whose government is trying to pull Iraq out of the chaos wrought by the 2003 U.S.-led invasion, pledged on Monday it would not curtail the independence of the institutions or attempt to use central bank reserves to fund spending."

Awesome! I am starting to think this was the "smoke and mirrors" theory to light a fire up under the GOI, not to M or A or S.... JMO..

Read more: http://dinarvets.com/forums/index.php?/topic/52805-iraqi-central-bank-says-assured-of-independence/#ixzz1Ck9wgA2I

I SMELL RV within next week or 2.

THANKS FOR THE POST!!!

[terr]

I hope it happens this week, it work out very well for us. I smell it tooo. RV RV RV!

[30 at 50]

These guys are on our side...they are cool with me !!! thanks for the post !!

[k98nights]

The Federal Court: The Central Bank of Iraq Act protects him from the intervention of any side work 02/02/2011 ad-2: 50 | readers number: 3

The Federal Supreme Court said, Tuesday, that its decision to link independent bodies under the chairmanship of the Council of Ministers لايخل independence, but to link these bodies that the structure was the Council of Ministers, the House of Representatives, the judiciary, indicating that the CBE law protects him from no one tried to interfere with his work, confirming that the critics see him from every corner of party affiliation.

The official spokesman said the federal supreme court Abdul Sattar Al-Berkdar, in an interview to "Sumerian News", that "the resolution issued by the Federal Court judge to independent bodies under the chairmanship of Prime Minister لايخل independence, but to link these bodies that the structure was the Council of Ministers, or the House of Representatives, or the judiciary", indicating that " may be of any structure outside of the state and that it was independent."

On the independence of the Iraqi central bank said that "the law Al-Berkdar Bank to ensure its independence and Iraqi funds from any debt", indicating that " the law does not allow the bank to any party, even though the government to تستقرض, or place their hands on bank funds, even if it is structurally linked to the Council of Ministers. "

Al-Berkdar Said that "the law prevents the bank for his administration to act, even if they are linked to the Council of Ministers, or the House of Representatives," he said, adding that " the decision of the Federal Court the subject to financial and administrative independence independent bodies."

Al-Berkdar Said that "the Federal Court decisions issued by a neutral body applies the law and apply the constitution with neutral," he said critics of the resolution " that they look to him by party angles and personal."

He said the official spokesman of the federal court that " the text of the decision of the court, without prejudice to the financial and administrative independence independent bodies, as well as keep the legal and constitutional under the law to appoint مرؤوسيها."

The Federal Supreme Court had issued a decision, on 18 January last, to independent bodies referred to in the Iraqi constitution, under the chairmanship of Prime Minister directly, and not under the chairmanship of the House of Representatives.

Chapter IV contains the Constitution of the Republic of Iraq of 2005, definition of independent bodies within the (102-108), he promised the constitution in article (102) both of the office of the High Commissioner for Human Rights, the independent High Elections Commission, integrity, independent bodies under its control of the House of Representatives, and is this the highest legislative authority in the Iraqi constitution, and the Organization of its work to the law to be issued by the House of Representatives.

The federal court decision and the reactions of the opposition by a number of prominent political blocs, described the Kurdish coalition, 20, last month, the federal court's decision as "Unsuccessful", considering that it is the independence of the work of these bodies, and the Iraqi List said through its spokesman, Mullah that the resolution is a coup against the constitution, calling for the presidency of the House of Representatives and leaders of the political blocs to take a firm position to protect democracy in Iraq.

http://www.burathanews.com/news_article_115729.html

[hammy]

I hope it all works out for everyone. This is a new Government trying to govern in a New way. If anything can go wrong it usually does. Looking at another article about this the other day the writer didn't think this was so good. http://www.iraq-businessnews.com/category/banking-finance/ Then again these are Mark De Weaver's thoughts. Just as this

article is some writers opinion. Parliament and the Cabinet are both too new to know how either one of them will do controlling the C.B.I.