Parliament: Iraq loses annually (10) billion dollars due to the lack of investment is part of the monetary reserves

Parliament: Central Bank Law an “Mdstr” .. Iraq loses annually (10) billion dollars due to the lack of investment is part of the monetary reserves

Date: 03/12/2012 13:22:35 Monday

Baghdad (news) .. According to a member of the Committee on the economy and investment MP / National Alliance / Hussain Mura’bi, the importance of amending the Central Bank Law current format allows the government to act with the Bank of hard currency projects, service and investment for the country, adding that he has a constitutional violations.
said Mura’bi (of the Agency news) today Monday: The Central Bank Law No. (54) for the year (2004) “is Mdstr” ie contains articles and paragraphs violate the Iraqi constitution. added: must modify constitutionally format gives the government the right to dispose reservoir cash in hard currency, which amounts to (67) billion dollars still “frozen” inside the bank, saying if was invested part of it would have been times the amount of the reserve, and (10%) per annum any addition (5 – 10) billion dollars to him annually, and no investment means the loss of this amount. The monetary reserves of hard currency ( 67) billion dollars, which results from the excess oil sales annually, and is this amount cover financial hedge its currency Iraqi national, as well as the central bank said in a time past that balance sovereign owned bank is cash reserves can not be disposed of except in cases emergency. / end / 8. n. p /

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