Height of the Iraqi Central Bank reserves to 60 billion dollars

11/05/2012 11:58


Baghdad, May 11 / May (Rn) - The Iraqi Central Bank Governor Friday high bank cash reserves of $ 50 billion to 60 billion dollars, indicating that the process of deleting the zeroes will begin early next year.

He said Central Bank Governor Sinan Shabibi told the Kurdish news agency (Rn) that "Iraq's cash reserves rose to $ 60 billion after it was last year's $ 50 billion."

He explained that "the central bank seeks through cash reserves to shore up confidence in local currency and increases the stability and regulates financial dealings in Iraq."

Regarding the project to delete the zeros Shabibi said that "the project to delete the zeros will be launched in January (Jan) and next, which would address the problems of inflation and the budget and commodity exchange on the grounds that Iraq is moving towards a free economy."

Authority announced the Iraq Stock Exchange earlier that the deletion of three zeros from the local currency will not affect the level of equity investment of external and internal.

The parliamentary Finance Committee had warned earlier in the Secretariat of the Council of Ministers of trying to dominate the monetary policy of the Central Bank of Iraq and curbing the powers of the province, noting that this was a violation of the constitution and has serious consequences on the Iraqi economy.

The main tasks of the Iraqi Central Bank to maintain price stability and the implementation of monetary policy, including exchange rate policies and the management of foreign currency reserves and the organization of the banking sector.

From: Saman Daza Yei. Open: Abdullah Sabri


http://translate.google.com/translate?hl=en&prev=/search%3Fq%3Dnahrain%26hl%3Den%26rlz%3D1T4RNTN_enUS354US354&rurl=translate.google.com&sl=ar&u=http://www.aknews.com/ar/aknews/4/197792/%3Ftpl%3Dadvanced_search.tpl%26S_type%3Dtoday%26do%3Dsearch%26section%3D4