Search Results

You are looking at 1 - 10 of 18 items for :

  • "CBI governance" x
Clear All
International Monetary Fund. Middle East and Central Asia Dept.

gains. 12. Good progress has been made in implementing the recommendations of the 2016 safeguards assessment of the CBI. Amendments to the Law on the Central Bank of Iraq to strengthen CBI governance have been enacted, and the revised audit committee charter now prohibits CBI executive representation on the committee. Work is ongoing on strengthening the capacity of internal audit and financial reporting. Anti-Corruption Reforms 13. The government is prioritizing anti-corruption efforts, with a focus on strengthening public institutions. A new High Council

International Monetary Fund. Middle East and Central Asia Dept.

approved amendments to the Law on the Central Bank of Iraq to strengthen CBI governance and the internal control framework. However, progress in strengthening the capacity of internal audit and financial reporting has been slow. Exchange Arrangement Iraq’s de jure and de facto exchange rate arrangements are classified as a conventional peg arrangement. The Central Bank Law gives the Board of the Central Bank of Iraq (CBI) the authority to formulate exchange rate policy. Effective December 20, 2020, the official exchange rate was set at ID 1,460 per U.S. dollar

International Monetary Fund. Middle East and Central Asia Dept.

completed in April 2016. It concluded that the CBI continues to face capacity constraints in its operations, as well as a difficult security situation on the ground. In line with the IMF safeguards assessment’s recommendations the Governing Council of the CBI approved a new charter for the Audit Committee prohibiting CBI executive representation on the committee. Also, the Parliament has approved amendments to the Law on the Central Bank of Iraq to strengthen CBI governance and the internal control framework. However, progress in strengthening the capacity of internal

International Monetary Fund. Middle East and Central Asia Dept.
This 2019 Article IV Consultation and Proposal for Post-Program Monitoring highlights that Iraq’s social conditions remain harsh following the war with ISIS, with slow progress at reconstruction, weak public services and a lack of job opportunities. In the absence of policy changes, a widening budget deficit is expected to divert resources away from essential investment to rebuild the country and improve public services, while eroding reserves and posing risks to medium-term sustainability. Expenditure rigidities and limited fiscal buffers imply a significant vulnerability to oil price shocks in a context of volatile prices. The fiscal and external positions are expected to continue to deteriorate over the medium term absent policy changes—with reserves falling below adequate levels and fiscal buffers eroded. In a context of highly volatile oil prices, the major risk to the outlook is a fall in oil prices which would lower exports and budgetary revenues, leading to an even sharper decline in reserves or higher public debt. Geopolitical tensions, the potential for social unrest in a context of weak public services and lack of progress in combatting corruption pose further risks.
International Monetary Fund. Middle East and Central Asia Dept.

some progress in implementing the recommendations of the 2016 safeguards assessment of the CBI . Amendments to the law on the Central Bank of Iraq to strengthen CBI governance have been enacted, and the revised audit committee charter now prohibits CBI executive representation on the committee. However, progress in strengthening the capacity of internal audit and financial reporting has been slow. Authorities’ Views 41. The authorities agreed on the need to address weak banks . They agreed on the scope for greater coordination between the Ministry of Finance

International Monetary Fund. Middle East and Central Asia Dept.
International Monetary Fund. Middle East and Central Asia Dept.

2019 Article IV Consultation and Proposal for Post-Program Monitoring-Press Release; Staff Report; and Statement by the Executive Director for Iraq

International Monetary Fund. Middle East and Central Asia Dept.

safeguards assessment conducted by the IMF in December 2015, the government will strengthen the legal framework of the CBI to provide for independent oversight of the CBI’s operations (MEFP, ¶30). The Governing Council of the CBI will, by end-October 2016, approve a new charter for the Audit Committee prohibiting Central Bank of Iraq executive representation on the committee (SB, MEFP, Table 5 ). The Council of Ministers will, by end-December 2016, approve and introduce to parliament amendments to the Law on the CBI to strengthen CBI governance and the internal control

International Monetary Fund. Middle East and Central Asia Dept.

of 6 trillion ID, or 3 percent of GDP). The CBI plans to cap its disbursement at ID 1.3 trillion in 2017 and to assess the need for its continuation by year-end, considering the fiscal risks for the government. 26. Efforts to strengthen the CBI’s legal framework in line with the 2016 safeguards assessment are underway . Amendments to the Law on the CBI to strengthen CBI governance are to be enacted soon, and the central bank is about to adopt a revised audit committee charter prohibiting CBI executive representation on the committee. Both recommendations are

International Monetary Fund. European Dept.

(Percent) Source: Bloomberg. Imports Deflator and Global Prices (Index, 2005=100) Sources: Statistics Iceland; IMF staff calculations and projections. House Price Misalignment (In differences, with error-correction terms) Sources: CBI; Statistics Iceland; Haver Analytics; and IMF staff estimates. 14. The government has pushed planned amendments to central bank legislation to the fall session of parliament . An experts committee commissioned by the government has proposed that much of the current CBI governance structure remain intact