Vice Chairman of the Central Bank: foreign currency reserves cover the market needs by up to 120%

Sunday, April 15 / April 2012 17:15

Baghdad {: News} Euphrates Vice President of the Central Bank of the appearance of Mohammed Saleh, said that the bank reserves of foreign currency cover the needs of the market completely.

Said Saleh told {Euphrates News} “The central bank reserves of foreign currency cover the needs of the market and by 120% of the market needs so that if it were to withdraw all existing foreign currency in the market, the central bank is able to cover the local market,” he said. ” central bank’s reserves of foreign currency up to $ 62 billion. “

“The management of the central bank believes that there will be rational in dealing with foreign currency through the foreign trade and that there are constants given in dealing with foreign currency not to leave things without controls,” noting that “the central bank began to impose certain measures will have an impact positive in dealing with foreign currency. “

He noted that “outside influences played a certain role in the exchange rates of the dinar, but Iraq is the player the basis of exchange rates and what is happening now is a rising shock are temporary and we called the bubble forming soon fade away.”

Saw the Iraqi dinar exchange rate declined significantly over the past few days against the U.S. dollar to reach in local markets to 128.5 thousand dinars for the paper category percent dollars. Ended 11