The Central Bank of Iraq has stated that according to their directive, they are accountable to the parliamentary authorities regarding topics like limits of validity and the last issue of the decisions taken by the bank.
According to the statement made by the deputy governor of the bank Mohammed, the Central Bank is answerable to the House of Representatives and there in no chance of hesitation that the bank will always be committed to implement any rule and law passed by the Council.
He has also added that, the bank as an organization is under the law and the rules of the constitution and that is why it is answerable to the authority and the council. All the answers issued by the bank will be within the directive issued by the Council.
The fact finding committee, that has been created by the Council under the leadership of the first Deputy Chairman of the House of Representatives Mr. Qusay al-Suhail, the chairman of the membership committee of Finance and Economy and Board of Supreme Audit chairman, has arranged for the first meeting of the Central Bank officials and that will also include the governor of the bank Mr. Sinan al-Shabibi.
Haitham al-Jubouri, the ex member of Finance Committee, has threatened to collect signatures of the Presidency of the Council of Representatives and interrogate the governor of the Central Bank of Iraq Mr. Sinan al-Shabibi about the dealings of the bank. According to the report received on Friday, 50 signatures have been collected and they will be used for demanding the establishment of the investigative committee and it will look after the transactions of the Central Bank.
Jubouri had claimed earlier this month that influential political figures are involved with the bank and they are helping with the smuggling of 5 – 10 million dollars everyday in the name of auction sale of the currency and he has also added that this money is being used to boost and support terrorism.
He has asked the CBI for an investigation on these allegations and also on the involvement of the politicians in the cases of money laundering and he has also added that there is a lot of risk involved in this matter.
The main responsibilities of the Central Bank of Iraq is to maintain the stability of the price, implementing monetary politics and that includes foreign politics as well, issuance of the currency management, managing the foreign currency reserve and regulating the total banking sector.