Specialists: monetary reserves fell to less than $ 50 billion is a danger to the economy
Specialists: monetary reserves fell to less than $ 50 billion is a danger to the economy
03/31/2016
BAGHDAD / JD / .. warned a number of experts and specialists in the financial and economic affairs of the economic collapse possible as a result of the continuous and significant reduction in the cash reserve of hard currency at the central bank, calling for the lack of manipulation of this reserve because it is a sovereign balance for future generations.
He said Finance Committee member Sirhan Ahmed told / KD /: that the central bank used the cash Balaanaat in the auction for the sale of hard currency due to lack of financial revenues, which led to a significant decline in the size of the monetary reserves and this poses a threat to the overall economic situation of the country.
He added that each state has a cash reserve is called a reserve of emergency can not be for any party manipulated, except in the case of the bankruptcy of the state itself completely and Iraq now not up to full bankruptcy, calling on the central bank to take to save the local national currency real action, as well as to maintain the size of the monetary reserves of currency difficult.
For his part, he said economist Mohammad al-Hassani, said the reserve cash with the Central Bank he was over 74 billion dollars and there were statements by officials in the central Ban reserves will exceed $ 80 billion, but that what happened is a decline in the reserves until he was below 50 billion dollars and continues down.
He said al-Hassani told / KD / The Central Bank does not have a clear economic visions by which they can invest this reserve and increase its size rather than it is to sell it without the presence of other revenues.
He pointed out that the cash reserve is considered a safe haven for the local currency Vankhvadh mean the collapse of the Iraqi dinar, and this is what we see in the market where the dinar exchange rate fell against the dollar and gradually.
He was a member of the Committee on Economy and Investment MP Ahmed Salim had earlier revealed the use of cash to meet the government Balaanaat state employees and some other operational matters salaries, attributing this to a lack of adequate financial revenues due to lower oil prices.
The International Monetary Fund warned earlier in the size of the decline in Iraqi cash reserves as a result of the central bank with the help of Balaanaat to sell the dollar and Bmzadeh dramatically since confirmed that the reserve currently stands at 53 billion dollars. / End / 8 /
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