Iraqi Central Bank raises bonds worth 400 billion dinars per month
Iraqi Central Bank said on Wednesday, it begs the bonds worth 400 billion dinars per month in accordance with interest rates ranging from 4.5 to 8%, depending on the amount of supply and demand by the Ministry of Finance and government banks.
The central bank adviser said the appearance of Mohammed Saleh told the Kurdish news agency (Rn) that "the central bank sells bonds to the Ministry of Finance of up to $ 200 billion dinars every two weeks."
"The size of the interest charged by the Bank on these bonds depends on the liquidity of funds in these banks and the amount of supply and demand by the Ministry of Finance."
Saleh explained that "the value of the interest rate hit 4.5% in case there is an abundance of funds in banks, while the rise of the interest for up to 8% in the case of a shortage of liquidity for banks."
He continued that "the interest rate determined by a consensus between the Bank and the Ministry of Finance and affiliated banks," noting that "the central bank conducting a policy of borrowing to cover the deficit in the NA financial liquidity."
The Iraqi Federal Court issued a decision in January 18 of this attachment provides independent bodies referred to in the Iraqi constitution, including the central bank, as prime minister directly, not the House.
He criticized the Central Bank of the Federal Court decision, saying in a statement Monday that the decision poses a threat to the Iraqi funds.
The court's decision on the inquiry of Prime Minister Nuri al-Maliki is considered to be linked to some independent bodies with the operational nature of their work in the House of Representatives is not in conformity with the competence of the Council and contrary to the principle of separation of powers.
Indicates Chapter IV on "independent bodies" in the Article (102) that is the UN High Commissioner for Human Rights and the Electoral Commission for elections, and the Integrity Commission, independent bodies under the control of the House of Representatives, and organize their work by law.
While recalling Article (103) of the first section is the same that all of the Iraqi Central Bank, the Office of Financial Control, and Communications and Media Commission and the endowment offices, bodies, financially and administratively independent, and the law regulates the work of each of them.
As indicated in paragraph II of the same article that the Central Bank is accountable to the Iraqi Council of Representatives and the Financial Inspection Office and the Information and Communications House of Representatives, while the third point of the same article that linked Endowment Council of Ministers.
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