Iraqi reserves approaching $ 80 billion and not financed by the central budget

Finance Committee: Iraqi reserves approaching $ 80 billion and not financed by the central budget

06/22/2015 15:19

Iraqi reserves approaching 80 billion and not financed by the central budgetLong-Presse / Baghdad
Finance Committee denied that the government had used the cash reserve to meet the budget deficit, saying that the cash reserves of $ 69 billion is added to about 10 trillion dinars, bringing total reserves to about $ 80 billion.
The Committee expressed surprise at the central bank from the sale of hard currency which is more than the limit laid down in the budget, saying that market demand does not exceed $ 45 million. The Committee talked about the mafia in the central disorder contributed to the dollar.
And prohibit the Article 50 of the 2015 budget law on the central bank selling more than $ 75 million at auction currency which led to the rise of the dollar against the dinar.
And it saw the dollar exchange rate steady rise in the local markets, from about 1200 dinars to the dollar, the beginning of the current 2015 to 1400 dinars currently.
The central bank was to prevent 14 regional banks from participating in the auction currency for their commitment not to impose a tax on remittances. The Bank canceled this tax last week.
Although legislative holiday enjoyed by the House of Representatives, but the Finance Committee of the Central Bank president on the Keywords hosted in session lasted 3 hours and was chaired by Chairman of the Committee Ahmad Chalabi.
And on the reasons for the setback witnessed by the rate of the dinar, he says on the Keywords in a statement to the “long”, that “there is a natural movement got in the market, such as speculation or a particular agenda or an increase in the demand for the dollar.”
And on the measures proposed by the Finance Committee to restore stability to the exchange rate of the dinar, he explained Keywords that “there are several proposals to address the high dollar prices such as liberalizing the sale of the dollar or an increase in the dollar exchange rate, to keep the stability, or restrict sales instructions and controls for later.”
Commenting on this, MP Haitham al-Jubouri, a member of the Parliamentary Finance Committee that “the central bank is required to adhere to all laws that prescribed by the House of Representatives,” pointing out that “the determining central bank sold $ 75 million a day is in order to maintain hard currency, as well as urged Bank to look for windows and other ways to sell the dollar. ”
He adds al-Jubouri, the “long” that “the central bank sales of the dollar does not exceed 45 million dollars a day, according to data that has reached us.”
He continued by saying that “the Central Bank exceeded these figures and arrived one day in sales to $ 350 million, but did not keep the price of the dollar.”
In the opinion of the Finance Committee member, he said “rely on the auction to keep the price of the Iraqi dinar wrong way,” referring to “the existence of mafias in control of hard currency.” He described the central instructions as “floundering,” returned to “keep some banks and exchange led to inventory quantities sell the dollar, however, certain banks.”
And on the central reserve size and the possibility of financing the general budget from which, says MP from the state law that “the central bank has the intention to finance agricultural and real estate bank and therefore not funded by the general budget,” pointing out that “$ 69 billion is the bank’s reserves of hard currency added to Mlbg 10 trillion Iraqi dinars, with some gold coins will be the reserve of more than $ 80 billion. ”
Attorney Haitham al-Jubouri and denied that the central bank may exchange any amount of currency reserves to support the government and its budget “, stressing said,” she is permitted to manipulate these amounts. ”
The Governor of the Central Bank on the Keywords, said Saturday that “the central bank dollar reserves currently stands at $ 68 billion,” asserting that “the current amount is a good precaution and high than it was during last year 2014, increased by two billion dollars.”
In turn attribute MP Abdul Qader Mohammed rising dollar exchange rates to “the existence of manipulators of some employees of the bank and some quarters.”
He said Abdul Qader Mohammed, told the “long”, “The parliamentary Finance met with the Governor of the Central Bank agreed to take steps to prevent Hola manipulators and control them, leading to the stability of the dinar exchange rate against the dollar.”
In the meantime, the Finance Committee confirmed that “there are organized you are buying the dollar under false pretenses groups as something to offer information to the bank for the purchase entirely different from the beneficiary of the transfer the money.”
The statement added that “these groups control the prices, the dollar has become a collaboration with some corrupt in the bank and other government departments.”