Iraq Central Bank slams ruling undermining its independance

Reuters, Monday 24 Jan 2011

The Central bank opposes to be under the supervision of the cabinet not the parliament

Iraq's central bank on Monday warned that a court ruling placing it under the supervision of the cabinet, and not of parliament, could expose its international assets to seizure by Iraq's creditors.

"(The bank's) independence, as stated in the law, was and still is the only guarantee that the Central Bank of Iraq's financial resources outside Iraq are not subject to measures of confiscation and seizure by international creditors," the bank said in a statement.

Iraq's supreme court last week issued a ruling placing a number of key independent institutions under the supervision of Prime Minister Nuri al-Maliki's cabinet, rather than parliament. The central bank was one of them

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