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Central: lower oil prices did not affect us

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1 Central: lower oil prices did not affect us on Tue Nov 10, 2015 5:14 am

Rocky


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Central: lower oil prices did not affect us





11/10/15

BAGHDAD / Obelisk: The Central Bank of Iraq, Tuesday, that the decline in oil prices did not affect him, adding that Iraq's reserves of hard currency is still great.

The governor of the bank on the Keywords in a statement published by the local media and I followed 'Obelisk', that 'the decline of dollar resources due to lower oil prices, but still reserves enough level, but much higher, according to international criteria and are the standard of the local currency to cover equivalent of currency foreign, and the ability of reserves to cover imports for a period of 6 months'.

He Keywords that 'the International Monetary Fund predicted at the beginning of 2015 and the arrival of the reserve of the Central Bank of Iraq to $ 40 billion at the end of the year, the Fund amended its forecast after months and estimated reserves at 50 billion dollars', pointing out that' the central bank is still expected according to the data and the actual indicators to be a reserve up to the 60 billion '.

The Keywords that 'our purchases of the dollar (from the Ministry of Finance) and the difference with sales of the dollar for the period from the beginning of this year until the end of September amounted to the difference of about $ 600 million a month, and the central bank to cover this difference to balance the balance of payments and keep the exchange rate and Thus the general level of prices', pointing out that 'the continued decline in oil prices and lower revenues from the dollar, the reserve can hold enough coverage and adequate presence of about $ 60 billion of reserves.'

The Governor of the Central Bank on the Keywords announced in the third from last March that the new regulations set by the Bank is that the auction is no longer a daily window of operations for the sale of currency auctions, noting that the new mechanisms developed to sell this currency, especially that of its functions to provide currency for foreign trade.

And it established an independent Iraqi Central Bank as a bank under the law issued on the sixth of March 2004, as an independent body, which is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies being sessions daily for buying and selling currencies.

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