Parliament lacks suitable mechanism to monitor Central Bank’s performance, says MP

Baghdad (IraqiNews.com) Member of the Parliamentary Economy and Investment Committee, also MP within the State of Law Coalition, Salman al-Musawi, stressed the Parliament inability to monitor the performance of the Central Bank because of it lacks for experts in financial and banking administration.

He said in a statement to Iraqi News “The Director of the Central Bank Sinan al-Shabibi has refused, earlier, to make the CB subject to the supervision of the executive authority as it is considered an independent institution and that the supervision on the CB is the Parliament’s prerogative as stated by the Constitution.”

Musawi assured “The lack of an appropriate mechanism adopted by the Parliament to oversee the CB’s performance, led to the bank’s bad performance where errors occur from to time,” noting that “Supervising the Bank requires financial and banking experts and that is not available for the Parliament.”

“The Supervision on the Central Bank’s performance must be shared between the legislative and executive authorities to ensure sound fiscal policy in the country,” he confirmed.