Central Bank announces increase its reserves of hard currency to $ 63 billion

Monday, 28 May 2012

Sumerian News / Baghdad 
Central Bank of Iraq, Sunday, from high reserves of hard currency to $ 63 billion, confirming that it is the largest in the history of Iraq, in what was considered that these reserves are still a few in a country lack of economic diversification. Deputy Governor of the Bank Mazhar Mohammad Saleh In an interview for “Alsumaria News”, “The Iraqi central bank reserves of hard currency rose to $ 63 billion after the $ 60 billion before the end of last year, 2011,” noting that “this increase will increase confidence in local currency also will increase the stability.” Saleh added that “these reserves, despite being large, which is the largest in the history of Iraq through their access to $ 63 billion, it remains below the level of ambition,” noting that “these reserves are a few in a country like Iraq because of poor economic diversification and adoption on a single commodity in its budget public. “Saleh pointed out that “these reserves are a few in front of our needs if it has been closed ports oil generally Iraqi exports for any reason whatsoever for a period of a week or more,” stressing the need to “prepare heavily for that matter.” and called on the Deputy Governor Central Bank of Iraq to “follow the state of China, which hedge four trillion dollars, one-third of the reserve official world of foreign currency as well as the diversity of its economy enormous.” The Central Bank of Iraq announced, the sixth of January, a rise in reserves of foreign currency to 60 billion dollars, for the first time in the history of Iraq, after recording the beginning of September of the year 2011, up precautions amounted to $ 58 billion after the $ 50 billion year-end 2010. The central bank held the Iraqi daily sessions for buying and selling foreign currencies with Iraqi banks, excluding holidays official stop at the bank for these auctions, and sales are either cash, or in the form of money orders sold out for a commission of certain.