23 January 2011
Baghdad - 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."
Baghdad - 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."
© AK News 2011
