The financial expert Ziad Al-Hashemi confirmed today, Wednesday, that changing the legislative leader of the National Bank, Ali Al-Alaq, would not be enough in itself to realize the desired transformation and development in the performance of the National Bank, but the problem needs an overall broad and great screening and development in its style of work, with the renewal of its administrative structure and granting it the independence it needs like other central banks.
“The Central Bank of Iraq suffers from several major and basic problems,” Al-Hashemi stated. “The most important of those problems is that something is wrong with the structure of the Central Bank of Iraq, which was manifested in the style and method of performance of the bank’s work.” Coupled with this problem, however, comes another in the form of violation of the independence of the central bank and generally, the ineffectiveness of the central bank 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 the fact that “the National Bank needs wide-ranging and extensive screening, stimulating its work pattern, rejuvenation of its management structure, and it must be given the independence it deserves, much like other national banks, to work peacefully, make its decisions, do what is right, implement, and monitor the monetary policies in a fully independent manner, without any political interference or influence from any institution.”
He concluded by saying, “Changing the legislative head of the National Bank will not be enough alone to achieve the needed change and improvement in the presentation of the National Bank, but rather the matter requires various prerequisites.
