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Central Bank: Determine the dollar sales ceiling will make a big shortage of the required budget to cover the expenses of Dinars Monday, July 6, 2015 20:43 Alsumaria News / Baghdad The governor of the Iraqi Central Bank on the Keywords, Monday, that the identification of the dollar sales ceiling will make a big shortfall in the amount required to cover the expenses of the financial budget of the dinar, in what was considered the acceptance of the Federal Court of appeal in the budget materials supports the independence of the Bank and deported to influence its policies and decisions. Keywords and said in a press statement Sumerian received News copy of it, "foreign currency sales (the dollar) is not an option and is not a commercial operation or coverage of the activities of business it is in the Iraqi situation and as it is in countries that control the export and the monopoly of foreign currency by the nature of their resources oil such as States, is the process of replacing the existing Iraqi dinar to the dollar in trading 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. " Keywords and added that "determining 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, means a shortage and a large decrease in the amount required to cover the budget expenditures of the dinar, if sold Central Bank $ 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 (JD) about 70 trillion dinars. " And the Governor of the Central Bank 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 the exchange rate and public prices, which require high and persistent in the quantities sold by the bank flexibility", pointing out that "The presence of a significant difference in the exchange rate between the official rate and the parallel market price is paid by the citizen and the economy, investment and hurt huge profits in the pockets of greedy and malicious, and can not curb all this only to control the quantities beyond a shadow of those dangerous phenomena." Keywords He continued 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 as "a big 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 diversity of nature on the tools and flexibility orientations. " Keywords and stressed that "the general budget law governing fiscal policy in spending and annual revenue which is they have to be specific to the items contained in it by virtue of the nature of the resource and expenditure management, while monetary policy is totally different from the fiscal policy as the nature of movement, flexibility, dealing with changes in the situation economic and market conditions, "adding 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 his tools used to create a balance and get to achieve the goals that move the movement of the market and the economic situation and cases of inflation and recession and others. " Keywords and stressed that "these movements occur on an ongoing basis and sometimes daily basis, and the law of the budget law applies for the year, making it a real limitations and restrictions tied monetary policy and this reverse their role and nature." The Federal Supreme Court decided on Monday (July 6, 2015) rule unconstitutional a number of materials for the federal budget in 2015, stressing that the legislation was contrary to the contexts provided for in the Constitution. The Article 50 of the Budget Law for the current year 2015 included a condition or restriction within one of its articles, which should not exceed the sale of the bank conducted by more than 75 million dollars a day auction.
