Economy Ministerial Council supports CBI independence formulating monetary policy

INA - BAGHDAD

The Ministerial Council for the Economy decided on Monday, to support the independence of the Central Bank of Iraq - CBI in formulating monetary policy.
    
“Deputy PM, Minister of Foreign Affairs and Chairman of the Ministerial Council for Economy, Fouad Hussein, chaired the seventeenth session of the Ministerial Council for Economy, where the Deputy PM, Minister of Planning, Ministers of Industry, Labor, and Social Affairs, and the Secretary-General of the Council of Ministers, CBI Governor, the PM’s advisors for economic and legal affairs, and the Chairman of the Securities Commission attended the session,” said the Council in a statement received by the Iraqi News Agency - INA.

The statement added, "The Council discussed the items on its agenda and took the necessary decisions in this regard. The Council hosted the President and Vice President of the Financial Supervision Bureau and the Director-General of the Legal Department at the Bureau to study and evaluate partnership contracts between the public and private sectors, and to demonstrate the economic feasibility of their continuation or termination."

“The head of the Bureau reviewed these contracts, which were divided between important contracts that benefit the state budget, and contracts that lacked economic feasibility. The council decided to complete the discussions in the presence of representatives of the relevant ministries to resolve this important file,” added the statement.

The Council also decided to "approve the recommendations of the committee formed to study the adoption of Iraqi and Gulf specifications or higher, when importing vehicles to preserve the lives and safety of citizens and users of vehicles and roads."

The statement included, “The Council also discussed determining the contribution of foreign capital to Iraqi banks, and in line with the state’s general policy in supporting the Iraqi and foreign banking sector as well as foreign investments in Iraq, the Council decided to support the independence of CBI in formulating monetary policy by its applicable laws and instructions.”

"The Council hosted the Technical Undersecretary of the Ministry of Environment to discuss supporting the Ministry's projects related to implementing the government program and removing obstacles that hinder its implementation," indicated in the statement.