Central Iraqi: There is no threat to the reserves due to borrowing

by **claud39** Sun Feb 14, 2021 1:27 pm

Central Iraqi: There is no threat to the reserves due to borrowing

February 14, 2021

Central Iraqi: There is no threat to the reserves due to borrowing 1024

Mubasher: The Central Bank of Iraq ruled out a threat to foreign currency reserves as a result of borrowing, indicating that the oil market recovery maximizes reserves.

The Director General of the Accounting Department at the Central Bank, Ihssan Shamran, told the Iraqi News Agency (INA), today, Sunday, that "the dollar reserves of the Central Bank are not directly affected by the borrowings that the Ministry of Finance makes from banks," noting that "its impact is indirect and limited."

The Central Bank stressed that the change in the exchange rate created competition between the local producer and the importer.

He pointed out that "the central bank is monitoring and ensuring the integrity of the Iraqi dinars that are handed over to traders to buy dollars for fear that their sources are unknown or related to money laundering crimes. Then the dollar is delivered."

He explained that the market is now feeling a little relaxed after changing the exchange rate, which contributed to reducing the import process and creating competition between Iraqi and foreign goods, noting that changing the exchange rate would help the national product in marketing its goods after the imported goods became high in value by 22%.

He pointed out that "the change in the exchange rate made by the Central Bank in favor of supporting the national product against the importer."

He continued, "The recovery of the oil market would maximize the hard currency needs and reduce the deficit in the general budget for 2021, noting that the dollars collected from the oil sales differences will strengthen the foreign operation reserves of the central bank, as this will reduce the pressure on the bank’s currency reserves.

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