The Ministerial Council for the Economy decides to support the independence of the Central Bank of Iraq in formulating monetary policy

Baghdad: The Ministerial Council for the Economy decided to support the independence of the Central Bank of Iraq in formulating monetary policy and according to its laws and instructions in force. The Council decided in its seventeenth session, which was chaired by Deputy Prime Minister and Minister of Foreign Affairs Fouad Hussein, today, Monday, in the presence of the Deputy Prime Minister and Minister of Planning, the Ministers of Industry, Labor and Social Affairs, the Secretary-General of the Council of Ministers, the Governor of the Central Bank of Iraq, the Prime Minister's advisors for economic and legal affairs, and the Chairman of the Securities Commission. Approval of the recommendations of the committee formed to study the adoption of Iraqi and Gulf specifications or higher when importing vehicles. The Council discussed, according to an official statement: the items on its agenda and took the necessary decisions regarding them, and also hosted the President of the Financial Supervision Bureau an d his deputy, and the Director-General of the Legal Department in the Bureau; To study and evaluate public-private partnership contracts, and to state the economic feasibility of their continuation or termination. It added, "The head of the Diwan reviewed those contracts, which were divided between important contracts that benefit the state budget, and others whose economic feasibility was negated, and the council decided to complete the discussions in the presence of representatives of the relevant ministries in order to resolve this important file." The statement indicated that the council decided to approve the recommendations of the committee formed to study the adoption of Iraqi and Gulf specifications or higher when importing vehicles, in order to preserve the lives and safety of citizens and users of vehicles and roads." It added that "in line with the state's general policy in supporting the Iraqi and foreign banking sector and foreign investments in Iraq, the council decided to support the indepen dence of the Central Bank of Iraq in formulating monetary policy in accordance with its laws and instructions in force." The council hosted the technical undersecretary of the Ministry of Environment to discuss supporting the ministry's projects related to implementing the government program and removing obstacles to its implementation. Source: National Iraqi News Agency