Budget approaching general objectives

3/15/2015 0:00

BAGHDAD - Alaa al-Tai
Economic Adviser to the Prime Minister expressed optimism approaching the federal budget to achieve the general objectives of the economic point of view, at a time when volumes of oil exports rose during the month from southern ports to about 3 million barrels a day, getting stuck to the political parties in the governments of the center and the provincial agreement oil, the middle weights enjoyment of the central bank greater flexibility in determining the sales after accepting the challenge to Article 50 of the budget.

Economic Adviser to the Prime Minister, Dr. Saleh said the appearance in a statement the "morning", said the acceptance of Appeals in legal materials contained in the budget of 2015, including Article 50, which obliges the Central Bank determines sales of hard "dollar currency" in the daily auction ceiling does not exceed 75 million dollar a day will lead to the acquisition of the Central Bank of flexibility in determining sales, taking into account the balance between the size of the Reserve Bank and the growing market need in the form of currency that keeps the Iraqi dinar exchange rate.

He explained that the central bank sales of foreign currency in the daily auction left to estimate because he refused to comply with a specified ceiling and decided to control it, according to the study of the movement of sales and fits in with the incoming and thus make decisions without draining sales.

And Saleh said the decision gives the central bank the flexibility and stir policy and sell the coin at auction and achieve balance in the dollar if it has in mind the size of reserves and growing winning against the market need of hard currency creates some sort of stability in the exchange rate and achieve the goal of flexibility in sales .

He stressed that the central bank kept the size of the reserve, which has, although the coverage of the Iraqi dinar against the dollar reached its highest level, but he defended the exchange rate and the stability of the Iraqi dinar in the light of the flow of foreign reserves and the development of the current account, whether surplus or deficit.

On the other hand, the prime minister and economic adviser to the detection of a significant improvement in the amount of oil exported through the southern ports during the month and reached about three million barrels per day, with the entry into force of the oil agreement between the governments of the center and the region and to work in order to raise exports across the region to the ceiling annually, which will progress in the economy, imports and makes the budget approaching general objectives.


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