Treasury to take over key functions of the Central Bank

Sunday, 16 September 2018 - 13:02

Finance Ministry sources noted that measures are being taken to assign many key functions of the Central Bank to the Treasury. 

It is reported that among the roles to be taken over by the Treasury are raising funds to finance government debt.

The government has focused on making the new changes taking into consideration the situations that followed the controversial bond issuance in 2015.

Accordingly, the Treasury will be able to raise funds without having the Central Bank act as its agent.

Meanwhile, sources noted that the Monetary Law Act is also to be amended in order to alter the provisions on appointing the Governor of the Central Bank.

Currently, the Governor is appointed by the President on the recommendation of the Minister of Finance.

It has been proposed to carry out the appointment and the removal of the Governor as a constitutional process instead.

Finance Ministry sources further noted that the proposal has been made in order to prevent political influence on the Central Bank.

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