Legal: The Central Bank has the power to hold accountable banks that do not adhere to the dollar rate
Pratha News Agency 72 2020-12-20
The legal expert, Ali Al-Tamimi, explained, on Sunday, that the Central Bank has its law and can hold accountable banks that do not comply with the price of selling the dollar.
Al-Tamimi said to / the information /, that “the central bank has authority under its law through which it can close banks that violate its instructions and decisions,” indicating that
“the rise in the exchange rate of the dollar to 1450 violates articles 30 and 31 of the Iraqi constitution that require the state to provide a free and decent life and income.
This procedure is also appropriate and violates Articles 23 and 26 of the International Covenant on Civil and Political Rights, which all countries in the world that are members of the United Nations Organization must abide by.
He added, “The Central Bank Law No. 56 of 2004 is an independent body according to Article 3 of this law and also the Central Bank’s instructions for the year 2017, and therefore it is the one that determines the exchange rate and if there is an increase in the price, it is necessary to control market prices and prevent inflation that will increase poverty.“.
He pointed out that “there is a possibility to challenge this law if it is legislated by Parliament before the Federal Court, and Parliament can not agree to legislate this law and return it to the government for an amendment because Parliament can do so constitutionally as it represents society, according to Article 61 of the Constitution .. as well as Article 13 of the Law Financial Department 6 of 2019”.