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Central Bank announces increase its reserves of hard currency to $ 63 billion

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Central Bank announces increase its reserves of hard currency to $ 63 billion Empty Central Bank announces increase its reserves of hard currency to $ 63 billion

Post  Admin Sun May 27, 2012 12:12 pm

Central Bank announces increase its reserves of hard currency to $ 63 billion
Author: HM
Editor: NQ | HAH
Sunday 27 May 2012 09:48 GMT
Deputy Governor of the Central Bank of the appearance of Mohammed Saleh

Sumerian News / Baghdad
Central Bank of Iraq, Sunday, a rise of foreign exchange reserves to $ 63 billion, confirming that it is the largest in the history of Iraq, in what was considered that these reserves are still a few in a country lack of economic diversification.

The deputy governor of the Bank Mazhar Mohammad Saleh in an interview for "Alsumaria News", "reserves the Iraqi Central Bank foreign currency rose to $ 63 billion after the $ 60 billion before the end of last year, 2011," noting that "this increase will increase the confidence in the currency It also will increase the local stability. "

Saleh added that "these reserves, despite being large, which is the largest in the history of Iraq through their access to $ 63 billion, it remains below the level of ambition," noting that "these reserves are a few in a country like Iraq because of poor economic diversification and adoption on a single commodity in the general budget. "

Saleh pointed out that "these reserves are a few in front of our needs if the ports were closed oil exports, Iraqi general, for any reason whatsoever for a period of a week or more," stressing the need to "prepare heavily for that matter."

He called on the Deputy Governor of Central Bank of Iraq to "follow the state of China, which hedge four trillion dollars, which equals one third of global official reserves of foreign currency as well as the tremendous diversity of its economy."

The Central Bank of Iraq announced, 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 end of the 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.


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