Economy: Central Bank does not have the right to use currency reserves

A member of the parliamentary Economy: Central Bank does not have the right to use currency reserves

2015/11/25 10:11

Economy - Central Bank does not have the right to use currency reserves[Baghdad – where]
reported a member of the Committee on Economy and Investment parliamentary Nora Albjara, that it is not allowed the central bank to use currency reserves.
She Albjara, told all of Iraq [where], that “when hosting the Governor of the Central Bank [on the Keywords] at the beginning of the current session of Parliament and we send him a question about the bank’s reserves, he said we did not get to $ 66 billion as a reserve.”
She added, “I asked him that Abdul Basit Turki when costing the bank gave other figures, and he said [Keywords] we did not get to $ 68 billion, “noting that” the statistics available more, and complain now there are 10 billion dollars lost, “afterthought” but so far no one has come up with concrete evidence about the loss reserves of the Central Bank, and whether the government acted from the reserve without announcing it. “She explained Albjara that” the Central Bank of its own law, does not allow the bank’s withdrawal from the reserve, “pointing out that” this reserve increases nor decreases Where the increase? This Questions directed to the Governor of the Central Bank. “It showed that” auction of the bank as well as the amounts of oil takes including the International Monetary Fund rate added to the reserve, where is this money? “. She Albjara” our face to the governor questions, but the answer was that he did not specify this amount There are question marks about it, “adding that” the House of Representatives is responsible for the central bank. “The central bank, announced last Friday that the reserves of foreign exchange of 60 billion dollars,” he said, adding he was “enough for six months.” The governor of the bank on the Keywords , in a statement received by [where], “with a lower dollar resources, because of lower oil prices, the reserves are still the level of efficiency, but much higher, according to international criteria and are the standard of the local currency cover the equivalent of foreign currency, and the ability of the reserve to cover imports for a period of 6 months. “He added that” the International Monetary Fund predicted at the beginning of 2015 and the arrival of the reserve to $ 40 billion at the end of the year, we have explained at the time that the reserve will be up to $ 60 billion at the end of that year and months after the beginning of the year the fund was amended forecast, estimated reserve of 50 billion dollars, and still we had expected, according to the data and the actual indicators that the reserve – as we expected – it will be up to 60 billion dollars. “He pointed out that” the difference between our purchases of the dollar [Ministry of Finance] and our sales of the dollar for the period from 1/1 / 2015 up to 09.30.2015, amounted to about $ 600 million a month, and the central bank to cover this difference to balance the balance of payments and keep the exchange rate and therefore the general level of prices, “pointing out that” even with the continued decline in oil prices and thus lower revenues from the dollar, the reserve can hold enough coverage and adequate presence of about $ 60 billion of reserves “.anthy 2