Economist: Cash reserves decreased fall in oil .. and the government spent six trillion of it
Economist: Cash reserves decreased fall in oil .. and the government spent six trillion of it
Saturday 29 August 2015 | 07:14 evening
Said Antoine’s “Eye Iraq News,” “The cash reserve amounted according to the latest announcement of 0.59 trillion dinars, after the exchange amount of 5 trillion of it to banks in order to provide loans for industrial and agricultural projects for the advancement of economic reality,” stressing that “According to paragraph 56 of the Central Bank Law , can be used as part of Hmaalamblg for economic development, through distribution to banks (real estate, housing, industrial and agricultural) that these amounts back at a later time. ”
He added Antoine “The cash reserve started to decline in conjunction with the landing Asar oil in half, and despite an increase in the quantity produced from oil,” noting that “in the past was not one has the right to intervene to exchange part of the reserve, but now there is a legal formula to exchange all Bank road, as part of its responsibility towards the criticism in the country. ”
He continued Antoine “he hoped to contribute to the OPEC meeting during the next two days to raise oil prices, which recently dropped,” explaining that “the rise even if not the roof of the aspirations of the level of the approved budget on the basis of 56 per barrel, but it will contribute even a small part in narrowing the gap left behind by the deficit, $ 25 billion. ”
The term “cash reserve” to deposits and bonds of foreign currency held by central banks and monetary authorities, which can be used to pay off the internal and external loans owed by the state, in addition to stabilizing the currency Mahlah.anthy / 8 value
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