Monday, February 21, 2011

2-21-11 Central Bank: the right to request the Parliament of borrowing from the reserve in times of crisis.

Highlights/Thoughts
Click on the title of this posting to get the details of this article

1. Saleh said that legislative authority will decide whether to allow the government to borrow from the cash reserve in the event of financial crisis or disasters
2. The article stated that Iraq is witnessing a crisis that could escalate on the 25th of Feb after the demonstration in protest against poor services, lack of ration cards, and increasing unemployment
3. Saleh said according to the constitution the CBI is linked to parliament, and parliament will decide whether to borrow from the CBI in the event of a crisis
4. The remainder of the article delves into historical reference regarding the government's previous attempts to borrow from the CBI as well as the budget

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