Central Bank denies the low reserves of foreign exchange

Denied CBI, a decline in foreign exchange reserves has, pointing out that it covers the Iraqi currency traded at more than one and half times the size, without setting the value of the reserves.

The Hoshyar Zebari, Minister of Finance in the Iraqi government, said in February 27 last that the Iraqi Central Bank's reserves of hard currency fell to $ 68 billion, which means a decrease of 12.5% ​​equivalent to $ 9.7 billion, from the level at the end of 2013.

The governor of the Central Bank of Iraq, the relationship, he was "surprised by the statements of some officials about the low reserves of hard currency," stressing that "Iraq does not suffer from any decline in reserves, and has a good income and there are no concerns, and that the Iraqi dinar is covered at 150% of hard currency. "

The relationship, during a press conference in Baghdad, the central bank has taken new measures to buy and sell the currency to prevent money laundering and maintain the market, and a lot of hard currency being smuggled out of the country, as well as use in the operations of corruption, pointing out that the current rise of the dollar against the Iraqi dinar virtual height, and will not last long.

The parliamentary Economic Committee in the Iraqi Parliament had announced in October 20 / October last, that the Iraqi Central Bank foreign currency reserves stood at $ 76.3 billion, while the volume of currency in circulation amounted to 40 trillion dinars in the market.

Central Bank of Iraq and held six auctions a week from Saturday to Thursday for the sale of foreign currencies, so as to provide dollar liquidity to the local market, and the average selling Bank of dollars to domestic banks price and exchange offices officially 1166 dinars. | ST |


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