Financial expert, Ziad Al-Hashemi, affirmed today, Wednesday, that changing the legislative leader of the National Bank, Ali Al-Alaq, won’t be adequate alone to achieve the necessary change and improvement in the presentation of the National Bank, yet rather the issue requires a wide and huge screening and advancement of its work style, refreshing its administration construction, and giving it the freedom it needs, as other national banks.
“The Central Bank of Iraq suffers from several major and fundamental problems,” Al-Hashemi told Al-Jarida. “The first of these problems is that there is a defect in the structure of the Central Bank of Iraq, and this defect is clear in the method and style of the bank’s work.” Additionally, the Central Bank’s independence is compromised, as is the effectiveness of the central bank’s administrative system as a whole.
He explained that “these factors of administrative weakness, structural defects, and weakness in the independence of the Central Bank mean that any change at the level of the leadership as individuals will not make a significant difference in bringing about a qualitative shift or positive development in the performance of the Central Bank as a whole.” “These factors of administrative weakness, structural defects, and weakness in the independence of the Central Bank”
He focused on that “the National Bank needs an expansive and broad screening, fostering its work model, refreshing its administration design, and giving it the freedom it needs, very much like other national banks, to work serenely, settle on its choices, make due, carry out, and screen money related strategies with complete autonomy, without political impedance or obstruction from some other party.”
Al-Hashemi closed by saying, “Changing the legislative head of the National Bank won’t be enough alone to achieve the necessary change and improvement in the presentation of the National Bank, yet rather the issue requires different prerequisites.”
