Monetary reserves up to $ 34 billion and calls to abolish the currency auction
Monetary reserves up to $ 34 billion and calls to abolish the currency auction
15/12/2016
BAGHDAD / JD / .. monetary reserves of hard currency the central bank continues to decline as a result of the continuation of the auction of currencies and open-door policy for all products, which led to huge drain of foreign currency in the context of low fiscal revenue returning from oil sales.
He warned a number of specialists in the economic affairs of the “new catastrophe” solve the Iraqi economy when monetary reserves continue to decline, calling on the central bank to cancel a foreign currency auction and his administration to change the people specialized management of the financial resources to rescue the Iraqi economy and the national currency.
He says economic expert Abdul Hassan Mohi, said the decline in central bank reserves to $ 34 billion is a new disaster for the Iraqi economy because the reserve is a sovereign resource and a safe cover for the local currency.
He told / KD / The continuation of hard currency auction tainted by “corruption” and managed by a non-specialist people, which led to the depletion of foreign exchange and to sabotage the economy.
He pointed out that Iraq needs a bold and courageous decisions to save the economy, such as removing the hard currency auction and the issuance of a decision of the Council of Ministers to prevent industrial and agricultural imports with the activation of local products, in addition to identifying those who self-financed in custody Baghdad and circuit services in the provinces, which have no role on the land Indeed.
It also must invest energy staff, which cost the state annually more than 51 trillion dinars through the creation of productive companies and another is building infrastructure in various sectors.
For his part, member of the Committee of Economy and Investment deputy Burhan Mamouri told / KD / the central bank’s policy to sell hard currency led to a huge waste of cash in reserve, indicating that the auction currency can reap profits at the bank and thus increases the cash reserves.
He added that “there is information to suggest that the current reserves of the Central Bank continuing down after it was $ 78 billion in 2013″.
The Committee on the economy and investment representative has carried the responsibility of the federal government’s central bank reserves fell because of the withdrawn money from the central bank to bridge the shortfall in the Aovernma.anthy / 8 / spending
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