Government withdraws $ 10 billion from the reserves of the Central Bank an economic catastrophe
Government withdraws $ 10 billion from the reserves of the Central Bank and the experts upheld as an economic catastrophe
04/13/2016
BAGHDAD / JD / .. in light of the lack of financial state revenues and increase the annual budget deficit as a result of lower oil prices and the absence of the role of the productive sectors of the federal government is seeking to find solutions to the vessels out of the financial crisis and filling state requirements of salaries and other things necessary.
He revealed an official source at the central bank for the government to withdraw the $ 10 billion of central bank reserves during the last period.
The source, who requested anonymity, told / KD / The cash reserves of the Central Bank continues to drop as a result of the central bank sold large amounts of dollar in its daily auction as well as the government to withdraw the money from the reserve to meet the financial requirements of the state.
For his part, the economic expert Abdul Hassan Shammari warned to withdraw more than half of the current monetary reserves during the current year, adding that the government withdraw 10 billion during the previous period would make it dependent on the reserve in the coming period and thus will lead to a decrease in size of the monetary reserves of hard currency and this It is considered an economic catastrophe.
Al-Shammari told / KD / All the indicators show that oil prices will remain low this year, and Iraq now sells its oil of $ 30 to $ 32 per barrel per day which means that the financial crisis will continue to exist, how the government will manage matters of state financial Vstlja to reserves of the Central Bank, which expected to pull up reservists to half the size of current cash reserves.
He called the economic expert on the government to not to think about withdrawing monetary reserves because it is considered a safe haven of the national currency Manipulation by means deterioration of the Iraqi dinar.
As a member of the Finance Committee MP Ahmed Sarhan he warned of manipulation Balaanaat cash foreign currency, calling Goh to asylum for other sources of funding for non-monetary reserves.
Said Ahmed told / KD / The withdrawal of funds from the reserve in the country will make a complete financial bankruptcy because the strength of the economy and the Iraqi dinar lies in the size of this reserve in addition to that he considered the sovereign credit of the state.
And was a member of the economic and investment commission in Parliament MP Ahmed Salim revealed earlier for the government resorted to the use of cash reserves at the Central Bank in order to bridge the employees’ salaries.
The International Monetary Fund warned earlier in decreasing the size of the cash reserve to less than $ 52 billion because of the withdrawal of government funds from the state to meet the requirements. / End / 8 /
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