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  1. #21
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    Governor of Baghdad: Central Bank of the new building will catch up with the European Bank

    The governor of Baghdad, Salah Abdul-Razzaq, during a meeting, Sunday, Governor of the Central Bank of the building of the Central Bank of Iraq in the new building will catch Jadiriyah Bank EU, said in a statement his office.

    The statement said that the governor of Baghdad, Salah Abdul-Razzaq received today (Sunday) at his office in Baghdad's central bank governor Sinan al-Shabibi, was discuss the construction of new building of the Central Bank of Iraq in Jadriya.

    The statement quoted the governor of Baghdad, as saying that during the meeting view the architectural plans for building the bank to be implemented in Jadriya and developed architectural Iraqi World Zaha Hadid, which consists of 37 floors and period of completion of up to nearly 3 years at a cost ranging from $ 500 million. Abdul Razak added that the building of the Central Bank of the new bank building will catch up with EU, pointing out that the design of the building is inspired by the cultural heritage of Iraq and fit the climate and atmosphere in Iraq.

    http://radionawa.com/Ar/NewsDetailN....275&LinkID=155

  2. #22
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    Central Bank: the real risks of waiting for Iraqi funds internationally

    Adviser warned the Iraqi Central Bank of the repercussions of the Federal Court decision and its impact on exposing the Iraqi funds under the umbrella of an international bank to risks and fabricated claims of the pending takeover by the application of the resolution.

    He said the appearance of Mohammed Saleh (AKnews) that "the international financial environment risky and instead of causing the Central Bank of judicial power that we diversify its needs in the management of financial reserves in foreign country for the salvation of any legal proceedings affecting the debt of the Iraqi government and that are protected under the UN Security Council Resolution No. 1483. "The court of Iraqi federalism in its recent decision to January 18 this requires linking the bodies that were received in the Iraqi constitution as an independent, an Iraqi cabinet minister, at the request of the Office of the Prime Minister, who was lifted last December to the same court.

    Saleh said "since 2003, could the central bank provides the umbrella secure $ 50 billion to meet its needs in the capital of the local presence and international levels", he stressed that "the danger lies in the expiration of international protection in June 30 on Iraq, but we must think in protecting the assets of Iraqi funds under the umbrella of the Central Bank of Iraq is not." And Saleh stressed that "the central bank money is not money the federal government but is a cover of the national currency, the dinar and the cover of criticism of the Iraqi people," adding that "if the opposite had happened according to the latter's decision became the central bank money government then would be to risk Pthail creditors that money to say the least. " And Article (103) First: Each of the Central Bank of Iraq, and the Office of Financial Supervision, and the media and communications, Endowment, bodies, financially and administratively independent, and the law regulates the work of each of them.

    Second: The Central Bank of Iraq responsible before the Council of Representatives and the Office of Financial Supervision Authority Media and Communications House of Representatives. Criticized in favor of "Dealing with the Central Bank and other independent bodies that need to be a government program, the new compatible for the coming years with programs of those bodies, which gave the impression confiscation of the objectives of the Central Bank as an independent body and undermine the goals of other independent institutions,"as he put it.

    The text of the Iraqi constitution, passed in 2005 that the central bank is accountable to the House of Representatives only, the fact that the goals to be achieved is to build a stable financial system, reduce prices and fight inflation as well as to create stable conditions to serve the financial security, and in case of abuse, he is liable to account strictly before the House of Representatives.

    http://almowatennews.com/news.php?action=view&id=15045

  3. #23
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    Shirwan Waili reveals a tendency to borrow from the Central Bank or the IMF to cover budget deficit

    MP for the coalition of state law Shirwan Waeli said failure to approve the federal budget for 2011 due to a lot of the deficit in expenditure and resources of the Iraqi state.

    Waili said that all existing resources in the budget does not cover the expenses the stomach or required by the Iraqi government, noting that there are some solutions that may determine the three options which I borrow from the central bank confirming the presence of some observations of reservations on this subject and the second borrowing from the International Monetary Fund to cover this disability.

    He Waeli third option is to adjust the operating expenditures of the budget to match revenue in order to get rid of the shortfall in the budget.

    http://www.nakhelnews.com/pages/news.php?nid=5447

  4. #24
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    Finance: the development of "windows for Islamic banking" in the government banks

    Detect and Minister of Finance. Rafie al-Issawi about the intention of the ministry opened a "window of the Islamic banking" in the Rafidain and Rasheed, according to a ministry statement. The statement said al-Issawi said during a "meeting of major Diwani Aloagafin Sunni and Shiite that the ministry pledged in the draft budget in 2011 so in response to demands by the citizens of Awqaf and open the window non-asthmatic in Iraqi banks."

    The statement quoted al-Issawi, said that there is a possibility to "open an Islamic bank under the Ministry of Finance based drop interest and that after the approval of the state budget for 2011."

    And on the allocation of grades and additional functionalities to Oagafin Sunni and Shiite, and the possibility of opening the window of Islamic banks, Iraqi, said al-Issawi, according to the statement, that the solution to these files "will be vested in the return of a draft general budget of the parliament to the prime minister," stressing the need to "review financial budget allocated to the case Oagafin return a draft budget of the parliament to the government."

    The House of Representatives continue to discuss the draft law the state budget for 2011 this month, and had completed its first reading on January 16 this month.

    The Council of Ministers "approved" in its sixth in 2011, which was held last Wednesday (January 26 January) The amendments contained in the draft General Budget Law of the Federal Republic of Iraq for the fiscal year 2011.

    http://www.uragency.net/index.php?aa=news&id22=16299

  5. #25
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    Government adviser: A link to the State Central Aiwtheraly the country's political and economic

    The Iraqi government legal adviser said Monday that the association of the Central Bank of the Iraqi government "administratively" to Ayotr on economic policy of the country.

    Fadel said Mohammad, told the Kurdish news agency (Rn) announced today that the "Link Central Bank of Iraq to the Iraqi government does not affect the economic relations and cash owned by Iraq with the countries of the world, it also would not impede the project unblocked Iraqi funds."

    Mohammed indicated that "the Federal Court decision on linking the Central Bank of the Iraqi government is administratively a decision based on a constitutional Articles 102 and 103 and subject to the supervision of the Council of Representatives and it already applies to the entirety of government institutions."

    The CBI has warned on Sunday of the repercussions of the Federal Court decision and its impact on exposing the Iraqi funds under the umbrella of an international bank to risks and fabricated claims of the pending acquisition by the application of the resolution.

    The court issued a federal Iraq resolution on 18 March, the latter serving to link the bodies that were received in the Iraqi constitution as an independent, an Iraqi cabinet minister, at the request of the Office of the Prime Minister, who was lifted last December to the same court.

    Between Muhammad and that "objection to the Central Bank of the link is not an objective fact that the Constitution is clear and explicit in this case to regulate monetary policy and financial resources for the country."

    The Central Bank was able to provide a safe umbrella of $ 50 billion to meet its needs in the capital of the local presence and international levels.

    And Article (103) First: Each of the Iraqi Central Bank and the Financial Inspection Office and the media and communications, Endowment, bodies, financially and administratively independent, and the law regulates the work of each of them.

    Second: The Central Bank of Iraq responsible before the Council of Representatives and the Office of Financial Supervision Authority Media and Communications House of Representatives. The text of the Iraqi constitution, passed in 2005 that the central bank is accountable to the House of Representatives only, the fact that the goals to be achieved is to build a stable financial system, reduce prices and fight inflation as well as the creation of stable conditions serve the financial security, and in the case of abuse, he is liable to account strictly before the House of Representatives .

    And warns many parts of the loss of Bank independence and subjected to political calculations like the rest of independent bodies covered by the latest court decision, but that the court decisions are conclusive and the necessity and can not be contested that the Constitution set out some of the bodies it is time to be attached to one of those.

    In the opinion of several quarters, said the move reflected the desire of the Prime Minister to take control of the apparatus independent of, without paying attention to downside risks for the acquisition of greater power, at the time opposed to lists of political in which the most prominent of the Iraqi List and the Kurdistan Alliance, the idea of linking independent bodies the Council of Ministers of Iraq and prepared by the excess of the National Alliance on the Iraqi constitution being issued with the strong support of the latter.

    And anticipate the Supreme Judicial Council Votes objectors to the Federal Court decision that committed all the political blocs to the decisions of that court is not permissible to object to any of them.

    http://www.aknews.com/ar/aknews/2/214682/

  6. #26
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    Bad news for the central bank

    Last week the federal supreme court ruled in favor of the government’s request to have the Central Bank of Iraq (CBI), along with the Independent High Electoral Commission, the Integrity Commission, and the High Commission for Human Rights, put under the supervision of the cabinet. This is bad news for the central bank.

    Up to now, the CBI has been under the supervision of the parliament, as stipulated by the constitution. There is a good reason for this. Under the parliament, the central bank is not answerable to any single politician. Under the cabinet, it could potentially be directly controlled by one man.

    A dangerous opportunity has been created for the governmnet to increase the money supply arbitrarily. Saddam Hussein tried this during the 1990s. The result was hyperinflation.

    Iraq’s US$ 50 billion in forex reserves are also at risk. There will be a big temptation to use these for local patronage projects with foreign currency-denominated expenses. If this happens, the CBI could be saddled with significant losses. It could even end up having to be recapitalized.

    The court’s ruling is great news for anyone who might some day be in a position to “wet his beak” at the CBI’s expense. Bad news for everyone else.

    http://www.iraq-businessnews.com/201...-central-bank/

  7. #27
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    Talabani discusses with the Governor of the Central Bank of the Federal Court decision regarding the independent bodies

    Discuss President Jalal Talabani with Central Bank Governor Sinan al-Shabibi the Federal Court decision regarding the linking of independent bodies, including the central bank, the government.

    The statement quoted Talabani for the presidency saying during the meeting that: View the Federal Court decision which included the interpretation of the constitutional articles that regulate the work and functions of these bodies.

    He stressed the importance of adhering to the Constitution, including articles on the Central Bank's functions and which gives him independence in its decisions.

    For his part, the Governor of the Central Bank of explanation to President Talabani about the legal point of view and how they see what must be the central bank deal with the legislative and executive authorities. He explained the implications of the Federal Court decision on that link.

    http://www.ipairaq.com/index.php?nam...itics&id=35072

  8. #28
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    Central Bank Adviser: to bridge the budget deficit by borrowing from government banks

    Detect the appearance of the central bank adviser Mohammed Saleh about the possibility of bridging the deficit in the budget in 2011 by borrowing from government banks and deposits.

    The appearance in a statement carried reporter have been given the government the right to borrow money worth 10 trillion Iraqi dinars of their deposits available in the government banks through the Ministry of Finance, pointing out that the value of deposits for government departments and public sector banks $ 32 trillion Dolarmentcherp between banks.

    He added that the process of government loans from deposits in banks will address fully the subject of the financial deficit facing budget in 2011. Saying that borrowing from banks will balance between monetary policy, and between the fiscal policy of the country and Aidjal any conflict between them during the next phase.

    http://translate.google.co.uk/transl...n&hl=&ie=UTF-8

  9. #29
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    Linking ICB to govt won't affect economic policy, says govt advisor

    A legal adviser to the Iraqi government said on Monday that administratively linking the Iraqi Central Bank (ICB) to the government won't affect the economic policy of the country and won't impede the unblocking of Iraqi funds.

    Fadel Mohammed told AKnews that the Federal Court ruling that administratively links the bank to the government is based on constitutional Articles 102 and 103 and has already been applied to a number of independent bodies. The Federal Court issued on January 18 a ruling that links a number of independent bodies to the chairmanship of the Council of Ministers and not to the chairmanship of the parliament in response to Prime Minister Nouri al-Maliki's request to interpret the constitutional article concerning independent bodies.

    The adviser of the Iraqi Central Bank (ICB) warned on Sunday of the repercussions of the Federal Court's recent ruling saying it will expose Iraqi funds to risks. Muzher Mohammed Saleh told AKnews that the international financial environment is risky and instead of referring the Central Bank to a judicial power, there is need to make diversity in the management of foreign financial reserves in the countries to escape any legal proceedings affecting the debt of the Iraqi government that are protected under resolution 1483 of the international security council.

    But Government advisor Fadel Mohammed says that the ICB's objection is "not objective" and that "the Constitution is clear and explicit in this case in order to regulate the monetary policy and financial resources of the country".

    Although recognizing the lack of an immediate risk, Saleh however believes that the consequences of the ruling are yet to be felt.

    "Since 2003, the central bank has been able to provides a secure umbrella for $50bn to meet its local and international capital needs", he said stressing that "the danger lies in the expiration of international protection next June, and we must think of protecting the assets of Iraq under the ICB only."

    "The money of the central bank is not the money of the federal government but is a security cover for the national currency and for the Iraqi people ... If the opposite happened according to the recent decision and the money of the central bank became governmental, then it would be under risk."

    Many parties warn that the Bank will loose its independence and become subjected to political pressures like the rest of the independent bodies covered by the latest court decision, but the federal court's rulings are conclusive and can not be contested. The bill's opponents say that it reflects the desire of the Prime Minister to control the independent bodies, without paying attention to the risks involved in the acquisition of greater powers. A number of political lists, most prominently the Iraqiya List and the Kurdistan Blocs Coalition (KBC) object to the idea of linking the independent bodies to the Council of Ministers, and consider it an excessive move by the ruling National Coalition (NC).

    The bodies that the federal court ruling put under the jurisdiction of Maliki's cabinet include the Supreme Commission of Human Rights, the Independent Higher Electoral Commission (IHEC), the Integrity Commission, the Iraqi Central Bank, the Financial Inspection Office and the Media and Communications committee. Opponents of the ruling say that in fact it contravenes both articles 103 and 104 of the Iraqi constitution's chapter IV which clearly state that these bodies are financially and administratively independent and subject to the supervision of parliament which regulates their work according to the law.

    Al-Iraqiya MP Karim Hattab told AKnews that the court's ruling is ambiguous and raises questions as the law and the constitution clearly state that these bodies are connected to parliament, adding that linking them to the Council of Ministers seriously compromises their independence. Al-Iraqiya spokesman Haidar al-Mullah told AKnews last week that the Federal Court's January 18 ruling effectively puts the parliamentary committees under the jurisdiction of Prime Minister Nouri al-Maliki, describing this as a "coup against the constitution".

    "Violating the autonomy of the independent boards will mark the end of democracy in the country," he warned.

    Mullah went on to challenge the constitutionality of the court by pointing out that it was formed by the former civil administrator Paul Bremer and not by parliament itself.

    "It is time for parliament to activate Article 92 of the Iraqi constitution, which demarcates the Federal Court, the nature of its work and the terms of its references."

    http://www.zawya.com/Story.cfm/sidZA...govt%20advisor

  10. #30
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    High Nassif: House of Representatives will discuss today the Federal Court decision on the independent bodies

    A member of the House of Representatives from the list, the Iraqi High Nassif The House of Representatives and its over for the day will discuss the Federal Court decision on the independent bodies and their effects on their work.

    She Nassif told the independent press (Iba) The Federal Court decision in which fixed and clear verbal charter, particularly in the presence of bodies have full autonomy such as the CBI and any attempt to influence the independence of Iraq was a lot of negative measures to the question of private creditors.

    The Federal Court has issued a decision to link independent bodies under the chairmanship of the Council of Ministers, which considered the forces of political figures and a negative decision of these bodies is losing its independence.

    With regard to the procedures the House of Representatives regarding the mandatory decisions of the Federal Court by Aldstoraodan Nassif The Council has several options, including calling the members of the Court to the House of Representatives for discussion and interpretation of its decision or to seek to enact a law for the court arranges its work. She said.

    Article 91 The decisions of the Constitutional Court of the Federal Supreme Court are final and binding for all authorities.

    http://ipairaq.com/index.php?name=in...itics&id=35082

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