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New law governing the Central Bank of Iraq issued.
(From MENA Business Reports)
US civil administrator in Iraq Paul Bremer announced on Sunday the issuance of a new law governing the Central Bank of Iraq. The new law provides for an independent central bank whose objectives are to achieve and maintain domestic price stability and to foster and maintain a market-based financial system.
The Central Bank will develop and implement monetary policy, including exchange rate policy, reported a press release. It will also act as a fiscal agent of the Government of Iraq which entails issuing and redeeming the securities of the Ministry of Finance. Other responsibilities will be to license and supervise both …
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