Central Bank: We have not reached Bahtiattiyatna to 100 billion dollars due to the failure to approve the budget

Monday, June 2, 2014 11:33



Alsumaria News / Baghdad


He attributed the Central Bank of Iraq, Monday, lack of access to reserves, 100 billion dollars to the failure to approve the federal budget, while noting that it sold dollars to the government.

The governor of the bank and the agency Abdel Basset Turki said in an interview for "Alsumaria News", "The failure to approve the budget and behind the lack of access to bank reserves, 100 billion dollars," adding that "the Bank sold dollars to the government."

Turki added that "the main source of reserves is pulling the Ministry of Finance of the Iraqi dinar from the bank," noting that "the latter sells dinar to the Ministry of Finance in dollars."

He explained that "the conditions of the general budget and will not be approved and declining public spending behind the non-arrival of the bank's reserves of hard currency to 100 billion dollars."

And allows the reserve grand of foreign currency for the government of manipulating exchange rates to stabilize the foreign exchange rates to provide a favorable economic environment on the face of the largest and foreign exchange reserves is an important indicator of the ability to repay foreign debt and to defend the currency, and is used to determine credit ratings of nations.

The Central Bank of Iraq in, in October 2013, on the arrival of the size of its reserves of hard currency to 76 billion and 500 million dollars, noting that "it represents the highest rate up to the bank of the currency in the history of Iraq.

The central bank held the Iraqi daily sessions for the sale and purchase of foreign currencies with the participation of Iraqi banks, with the exception of public holidays on which depends the World Bank for these auctions, sales and be either in cash or in the form of money orders sold abroad in return a certain commission.


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