$ 50 billion in reserves from the central Iraqi foreign currency

$ 50 billion in reserves from the central Iraqi foreign currency


Palm – The Iraqi Central Bank Governor Sinan Shabibi, on the composition of foreign reserves to support the value of Iraqi dinar stood at fifty billion dollars, noting that the Iraqi dinar is stable currencies in the region.

He explained in a speech during a session of parliament, that the CBI has sought Bmlake national and experience high to set monetary policy consistent and rational achieved financial stability in the country, pointing out that the only party in Iraq, which is unique in producing a public good directly to maintain the purchasing power of the Iraqi dinar.

He Shabibi in a speech to achieve these results in very harsh conditions was the bank which to terrorist acts, and although this did not shake the will of the workers and continued to work to make the bid, saying that the issue of the reserve, or the cover of currency comes at the request of the government and the Ministry of Finance, stressing support the importance of the size of the reserve currency in circulation, because the affected reserves will impact on the fiscal balance.

Furthermore, Al adviser to the CBI the appearance of Mohammed Saleh, measures to reduce cash sales in its daily auction for the sale of foreign currencies as of this week, revealing that speculators were behind the high exchange rate locally for quick profit.

The CBI stressed its procedures for the sale of cash during the last period, the condition of the banks to bring legal documents at the request of foreign exchange, which hampered its work and importers of goods and commodities in and explained that the Central decided to cut the proceedings at the request of documents during the week of the receipt of cash, as can private banks participating in the auction of foreign currencies foreign exchange demand at any time and the exchange rate was over 119 thousand dinars per hundred dollars last week, after it was below 118 thousand.

Saleh pointed out that the sale remittances outside Iraq allowed for commercial purposes, and according to legal documents, citizens can also transfer the funds to pay fees for university students or outside of Iraq for medical treatment and for other purposes, not inconsistent with the law against money laundering.

Drawer and the Iraqi Central Bank to hold five meetings a week for an auction sale or purchase of foreign currencies, and receive a cash sales of 13 dinars per dollar as commission, and 13 dinars per dollar on the sale of remittances outside Iraq.