Press Release - Central Bank of Iraq
12-09-2011 | (Voice of Iraq) -
Prior to the Iraqi Central Bank’s official speech, the Council of Economic Matters delivered one to the Cabinet in 2007.
In its speech they encouraged the bank to study the restoration project of the Iraqi currency regime by restructuring it through removing three zeros.
That way currency exchange would be facilitated and the cost of monetary transactions would decrease, within the strategic restoration framework of monetary administration in other countries.
Most countries of the world, and especially those which underwent periods of instability and economic collapse, strive to rebuild their monetary system on a strong, cohesive foundation.
However, with extreme regret, the Central Bank was surprised when some government employees, some of whom work in different state centers, launched an unprecedented media attack on the bank, accusing it of unlawful actions corrupting the idea of monetary restoration.
(These attacks) were ignored how deep-rooted a trustworthy, national monetary foundation is to public funds and (1M) for stability and economic growth in our country.
This at a time when the Iraqi Central Bank has enjoyed the respect and trust of financial institutions and central banks the world over since its inception in 1947 until now.
As it happened, the Iraqi Central Bank found its behaviour was not responsible for the regrettable accusations or the misguided motives.
Now it must disprove (the accusations) and establish guides for behavioural conduct for government employees who deal with various national issues, especially sensitive ones.
As such, the Central Bank affirmed this behaviour represents a frank contradiction to the rules of conduct and to employee labour.
This exposes the legal and national roles of the Central Bank to morale dangers before public opinion in its various forms.
The Iraqi Central Bank will reserve its legal right to defend itself.
Those (accusers) carry the responsibility for exposing national monetary interests to a tangible hazard, borne by those not responsible.
Iraqi Central Bank
Baghdad
11 / Sep / 2011
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