CBI: Sntkhaly for auction sale of hard currency for the benefit of a State-owned banks

04/25/2012   Central Bank of Iraq, Wednesday, that he would give up an auction sale of hard currency in the coming days for the benefit of a State-owned banks, while stressing the arrival of foreign exchange reserves to $ 63 billion, pointed out that the daily sales of more than fifty times the need for Iraq.   The deputy governor of the Bank Mazhar Mohammad Saleh in an interview for “Alsumaria News”, “Central Bank of Iraq would work during the coming period, in agreement with the Ministry of Finance and other government agencies to transform the auction sale of hard currency to one of the state banks sink Mesopotamia or good or banks in other business,” asserting that “the central bank would be prepared to provide the bank will take it upon himself to conduct the auction, including the daily needs of hard currency.”   Salih stressed that “the central bank’s reserves of hard currency rose to $ 63 billion after it was up to $ 60 billion the end of 2011, which is capable of maintaining the stability of the Iraqi dinar,” noting that “the auction the central bank has financed the trade of neighboring countries, The injection is infinite and not have to finance domestic trade, as the sales of Central Bank of Iraq Iraq need a day over fifty times. “   Saleh pointed out that “the auction sale of the currency is one of the particles does not fall within the jurisdiction of the Central Bank of Iraq,” stressing that “the Bank’s policy to maintain focus on the exchange rate and the fight against money laundering and not to finance the trade of other nations”.   And increased exchange rate of the dollar against the Iraqi dinar in the local markets to 1300 dinars per dollar, after it was last week’s 1250 dinars per dollar, and 1180 dinars per dollar over the past year 2011.   Central Bank of Iraq, the sixth of January, a rise in foreign currency reserves to $ 60 billion, 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 in the end year 2010.   The central bank held the Iraqi daily sessions for buying and selling foreign currencies with Iraqi banks, except for public holidays on which depends the World Bank for these auctions, and sales are either cash, or in the form of money orders sold out for a commission of certain.