Central Bank’s independence compromised by Federal Court ruling says official

[hammy]

Sunday, January 23rd 2011 11:48 AM

Baghdad, Jan. 23 (AKnews) – The advisor to the Iraqi Central Bank (ICB) warned on Sunday that the Federal Court’s recent ruling that places the institution along with a number of parliamentary committees under the jurisdiction of the Prime Minister’s office raises concerns about the bank’s independence.The Iraqi Federal Court issued a ruling on January 18 that connects a number of independent bodies including the ICB directly to the chairmanship of the prime minister and not to the chairmanship of parliament as stated in the Iraqi constitution. Muzher Mohammed Saleh told AKnews that the terms of the ruling are “ambiguous and not sufficient to affirm the autonomy of the bank.”

“The decision of the Federal Court was vague in determining whether the law of the ICB was more influential than the Code of the Council of Ministers concerning monetary authority.”

Saleh warned that compromising the independence of the ICB could allow foreign courts to seize Iraqi funds if law suits were brought against the country.

“Iraq is a founder of the International Monetary Fund,” he said, “…we must preserve the independence of the Central Bank in supporting the Iraqi economy and protecting its funds.” http://www.aknews.com/en/aknews/2/212685/

Reported by Wissam al-Jaff

Rn/Ka/AKnews

Not sure what to make of this yet.

Edited January 23, 2011 by hammy

[pops]

They better get this straightened out. They will not pull the trigger on RV without the blanket of autonomy and independence.

[jeepguy]

i think, that the i c b is just trying to get rules and regulations set up, in the event of r.v. too keep foreign identities under control. example (only my thoughts mind you), if you just hit the lottery you don`t want a buch of yahoo`s coming out of the wood work, to place leans or suits against you just because you are now wealthy, i believe this is the guide lines the i c b is doing to protect it self in the event the r.v. takes off

[hammy]

Well it seams to me that this is just one more thing that needs just that, (straightening out). If we get an R.V. buy June of this year I will be VERY VERY happy. Too much to straighten out I think for anything to happen before that.

[smee2]

Sometimes I see all kinds of bad guys and conspiracies where there are none, usually.

This is one of them.

If, indeed, the CBI, and I do mean IF, it needs some kind of ongoing, fulltime, internal ovresight protection, I think there are far better ways to achieve that status, with far fewer allegations of ... well ... in this case allegations of too many of the same fingers in too many pies Example: I thought Allawi was supposed to be heading up some form of oversight committee that would be lookoing into things that may already have too may of the same ."ayes" and "nays" and may require a somewhat fresher, shall we say less biased(?) look at things? This could easily be one of those things. In fact this SHOULD be on of those things.

I.m not a politician by any means but give me a moment here to try to explain what I feel. The president is in a position, or has been in these past few months, of being told ... "You don't do things out way, you don't get our help to get any thing done your way." Bow, there are certainly a lot of instances where that kind of hold 'em up for ransome kind of politics may be necessary to get some things done. And case by case I am sure we could all find cases with which we would agree to such tactics. But not when it comes to the BCI. ... the country's bank. Perhaps these people, going from the tribal, wealth held by the king, where the say of the boss not the say of the people, have not reached the point in their experiment in democracy and do not yet understand the concept that money which buys an agreement today, may not do so tomottow. Why? /Different negotiator, different slush-fund availability, different time tables or ,,, Oh I know.. I am getting, very carried away. I just see a man, who wants to be primve minister so badly, and seems willing to use money to get what he wants ,as being very contra to the entire process of progress for this country. It is as if he is tkaing the worlst of the past of their history and trying to weld that into the today/s agenda. Scary.

smee2

[Hfeliu]

Great, another dilemma! What's next? it'll start raining camals...

The ICB has been an independent organization from inception, and now they're about to change all that... for what? greed, power, control?

[Mongo]

Central banks are a detriment to any country and should be taken down, just like cutting the head off a snake(look at the Fed reserve(central bank) in our country)

[Brisco]

In my opinion they are not thinking like a democrocy they are always trying to set things up for them selves,

or their Sunni, Looney,Shiite,Kurd religion what ever.

They still do not trust each other and have not for over 3000 years.

And a little brand new democratic voteing process will not change that.

Just wait and see the day

1) we are gone

2) All santions are out of the way

3) IMF,WTO, everbody is not watching anymore.

BOOM BABY

There will some serious jocking for control and CORRUPTION AMUNGO

Have you ever heard the expression - If it walks like a duck,quacks like a duck & looks like a duck? WELL IT IS PROBABLY A DUCK

Don't get me wrong they will pump oil like nobodys bussiness and will have one of the richest countries in the world

And I still have faith that for he entram we will see things come together and have a great RV

GO RV/ RI

[Jac]

Central banks are a detriment to any country and should be taken down, just like cutting the head off a snake(look at the Fed reserve(central bank) in our country)

Mongo your vision is amazing. Seriously this is probably the most important conclusion anyone has made in quite some time. Control over the CBI will be important during an RV. Consider what the Central Bank could do in an RV.

1. Claim it ran out of money.

2. Continually ask for GOI funding and bail outs.

3. Offer special contracts to GOI (giving CBI years of power and perks) in order to even handle the RV Cash Ins.

4. Right at this moment without oversight the CBI is positioned to grasp the reins of Iraq's Economy and never let go.

God Bless America!

Edited January 23, 2011 by Jac

[GreginTexas]

Remember who has the Federal Courts in his pocket. ( Maliki )

I sometimes get the names mixed up but has not Saleh been the main disinformation guy for Maliki in the past?

[Trailers For Sale Or Rent]

Sometimes I see all kinds of bad guys and conspiracies where there are none, usually.

This is one of them.

If, indeed, the CBI, and I do mean IF, it needs some kind of ongoing, fulltime, internal ovresight protection, I think there are far better ways to achieve that status, with far fewer allegations of ... well ... in this case allegations of too many of the same fingers in too many pies Example: I thought Allawi was supposed to be heading up some form of oversight committee that would be lookoing into things that may already have too may of the same ."ayes" and "nays" and may require a somewhat fresher, shall we say less biased(?) look at things? This could easily be one of those things. In fact this SHOULD be on of those things.

I.m not a politician by any means but give me a moment here to try to explain what I feel. The president is in a position, or has been in these past few months, of being told ... "You don't do things out way, you don't get our help to get any thing done your way." Bow, there are certainly a lot of instances where that kind of hold 'em up for ransome kind of politics may be necessary to get some things done. And case by case I am sure we could all find cases with which we would agree to such tactics. But not when it comes to the BCI. ... the country's bank. Perhaps these people, going from the tribal, wealth held by the king, where the say of the boss not the say of the people, have not reached the point in their experiment in democracy and do not yet understand the concept that money which buys an agreement today, may not do so tomottow. Why? /Different negotiator, different slush-fund availability, different time tables or ,,, Oh I know.. I am getting, very carried away. I just see a man, who wants to be primve minister so badly, and seems willing to use money to get what he wants ,as being very contra to the entire process of progress for this country. It is as if he is tkaing the worlst of the past of their history and trying to weld that into the today/s agenda. Scary.

smee2

Great Quote

Mongo your vision is amazing. Seriously this is probably the most important conclusion anyone has made in quite some time. Control over the CBI will be important during an RV. Consider what the Central Bank could do in an RV.

1. Claim it ran out of money.

2. Continually ask for GOI funding and bail outs.

3. Offer special contracts to GOI (giving CBI years of power and perks) in order to even handle the RV Cash Ins.

4. Right at this moment without oversight the CBI is positioned to grasp the reins of Iraq's Economy and never let go.

God Bless America!

I Agree!

[drox]

Anybody think it was a coincidence a month ago when Parliament was trying to get the budget deficit from the CBI? Saleh and Shabibi both said no way. We are an independent body and those reserve funds are earmarked to support our currency and economy. Now we have Maliki's paw in the fishbowl once again. Allawi and the Kurds have all mentioned Maliki ignoring the constitution just this week for not filling all the positions. Once again we see Maliki has used his old federal court buddies to persuade and deceive to gain control and manipulation over the CBI. He did this with getting rid of half the politicians running for elections claiming they were Baath members. He did this to stall the Allawi rightful appointment to PM by making them do a 2 month delay in the recount, and he did this to further again delay the appointment of PM to say the largest vote is whomever can form the largest cluster. Fed court of Iraq is a fraud!!!

This guy is a snake and will stop at nothing to get what he wants. I hope the IMF, UN, and World Bank can still step in and stop this non-sense. Otherwise... we can kiss any IQD international recognition goodbye for some time. Independent is independent! The IMF will see to that. Did you know that Iraq is ranked 175 out of 178 nations in the World Corruption Index? Kinda scary that they have the number 2 or 3 supply of oil in the world, eh? Don't be surprised if bullets start flying in Parliament soon... when they aren't on Holiday that is. I think Maliki wants to keep his people dumb and poor. Easier to control them. Luckily... there are a lot intelligent and educated Iraqi's that hopefully won't let it happen.

[k98nights]

Central Bank’s independence compromised by Federal Court ruling says official

Sunday, January 23rd 2011 11:48 AM

Baghdad, Jan. 23 (AKnews) – The advisor to the Iraqi Central Bank (ICB) warned on Sunday that the Federal Court’s recent ruling that places the institution along with a number of parliamentary committees under the jurisdiction of the Prime Minister’s office raises concerns about the bank’s independence.

The Iraqi Federal Court issued a ruling on January 18 that connects a number of independent bodies including the ICB directly to the chairmanship of the prime minister and not to the chairmanship of parliament as stated in the Iraqi constitution.

Muzher Mohammed Saleh told AKnews that the terms of the ruling are “ambiguous and not sufficient to affirm the autonomy of the bank.”

“The decision of the Federal Court was vague in determining whether the law of the ICB was more influential than the Code of the Council of Ministers concerning monetary authority.”

Saleh warned that compromising the independence of the ICB could allow foreign courts to seize Iraqi funds if law suits were brought against the country.

“Iraq is a founder of the International Monetary Fund,” he said, “…we must preserve the independence of the Central Bank in supporting the Iraqi economy and protecting its funds.”

Reported by Wissam al-Jaff

Rn/Ka/AKnews

http://www.aknews.co...knews/2/212685/

[Jac]

Anybody think it was a coincidence a month ago when Parliament was trying to get the budget deficit from the CBI? Saleh and Shabibi both said no way. We are an independent body and those reserve funds are earmarked to support our currency and economy. Now we have Maliki's paw in the fishbowl once again. Allawi and the Kurds have all mentioned Maliki ignoring the constitution just this week for not filling all the positions. Once again we see Maliki has used his old federal court buddies to persuade and deceive to gain control and manipulation over the CBI. He did this with getting rid of half the politicians running for elections claiming they were Baath members. He did this to stall the Allawi rightful appointment to PM by making them do a 2 month delay in the recount, and he did this to further again delay the appointment of PM to say the largest vote is whomever can form the largest cluster. Fed court of Iraq is a fraud!!!

This guy is a snake and will stop at nothing to get what he wants. I hope the IMF, UN, and World Bank can still step in and stop this non-sense. Otherwise... we can kiss any IQD international recognition goodbye for some time. Independent is independent! The IMF will see to that. Did you know that Iraq is ranked 175 out of 178 nations in the World Corruption Index? Kinda scary that they have the number 2 or 3 supply of oil in the world, eh? Don't be surprised if bullets start flying in Parliament soon... when they aren't on Holiday that is. I think Maliki wants to keep his people dumb and poor. Easier to control them. Luckily... there are a lot intelligent and educated Iraqi's that hopefully won't let it happen.

Drox..truly I do respect your opinions but I really feel we need to send the one you call a snake some prayers, blessings and direction from some higher dvine soure. Don't you?

God Bless America!

[sneakey]

Central banks are a detriment to any country and should be taken down, just like cutting the head off a snake(look at the Fed reserve(central bank) in our country)

But who gets it then? The politicians?

I wouldn't even begin to know how to start

figuring out which is worse. I'm very conflicted

on this.

The next thing you know, the use of our money

is a matter of national secutity and all becomes

"classified" and we never get control of it away

from them.