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Central Bank: lower oil prices will not affect the monetary reserves

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Rocky


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Central Bank: lower oil prices will not affect the monetary reserves





11/10/15


BAGHDAD / Sky Press, announced the governor of the Iraqi Central Bank on the Keywords, Tuesday, that the decline in oil prices will not affect him, adding that Iraq's reserves of hard currency is still great.

Keywords and said in a statement followed the "Sky Press," that "the dollar's decline because of falling oil prices, will not affect because of hard currency reserves enough level, but much higher, according to international criteria and are the standard of the local currency to cover its equivalent in foreign currency, and the ability of the reserve to cover imports for a period of 6 months. "

He added that "the International Monetary Fund predicted at the beginning of 2015 and the arrival of the Iraqi Central Bank reserves to $ 40 billion at the end of the year, the Fund amended its forecast after months and estimated reserves of 50 billion dollars, and that the Iraqi Central still expected according to the data and the actual indicators to be Reserve the 60 billion up to. "

He pointed out that "the difference between purchases and sales of the dollar since the beginning of this year until the end of September, about $ 600 million a month, and the central covering this difference to balance the balance of payments and keep the exchange rate and thus the general price level."

He continued that "the continued decline in oil prices and a decline in revenues from the dollar, the reserve can hold enough coverage and adequate presence of about $ 60 billion of reserves."

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Rocky


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