Central Bank refuses directed the government to withdraw from its reserves and prepar
Central Bank refuses directed the government to withdraw from its reserves and prepared an encroachment on the law
January 14, 2016 17:19
Central Bank of Iraq's refusal, on Wednesday, the government went to draw from the financial reserves, and stressed that the law does not allow the government to draw from the hard currency reserves.
The general director of issuance and cabinets in the Iraqi Central Bank Ahsan Shomran in an interview that "the law does not allow the government to draw from the bank's reserves of hard currency to cover the deficit in its budget for the payments."
Shomran added that "the government is not in need to commit such offense", stressing that "this is unacceptable and is a violation by the government."
Shomran and called on the government to "go for the issuance of bonds to be purchased by banks then deducted when the central bank last fact does not have the liquidity."