Concerns Over the Central Bank of Iraq

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Baghdad, Jan. 24 (AKnews) - An expert in the law said on Monday that the Iraqi Central Bank of Iraq is an independent board that cant be linked to the Council of Ministers.

The Central Bank of Iraq warned that its foreign assets would be confiscated by the Iraq's creditors if sponsored by the government instead of the parliament.

The Legal expert, Hassan Shaaban, the General Coordinator of Human Rights and Democracy Assembly in Iraq told AKnews that the central bank of Iraq should not be under the supervision of the Council of Ministers because it is a board that should be managed professionally, independently and without any link to the government."

The Iraqi Federal Court issued a decision in January 18 to link the independent boards referred to in the Iraqi constitution, including the central bank of Iraq by the prime minister office directly, not the parliament.

Shaaban added that the Central Bank of Iraq has the right to object and appeal in the Federal Court decision.

The central bank said in a statement issued today that its independency that is provided by the Iraqi law was still the only thing that guarantees its financial resources abroad not to be under the confiscation procedures by the country's international creditors.

Reported by Yaser Ali

SA/GS AKnews

http://www.aknews.com/en/aknews/2/213118

[Butifldrm]

Thanks for the post. I was reading about this earlier.