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Iraq's cash reserve of $9 billion in annual retreats. And experts warn of bankruptcy

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Iraq's cash reserve of $9 billion in annual retreats. And experts warn of bankruptcy

2016/09/06 11:36
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Baghdad/Morrow press:


Finance and economy experts warned on Tuesday that Central Bank reserves declining at the rate of $9 billion annually, with the parliamentary economy Committee asserts that the sale of foreign currency Bank causes her drain and waste of Iraq's riches, Central Bank Adviser described the current financial stocks "reassuring."

He said financial expert and member of the Institute of economic reform, Majid Aziz, "" tomorrow, "the Iraqi Central Bank reserves dropped from $88 billion to $67 billion, and continued to decline this year to $43 billion, a decline of up to 45 billion dollars and the rate of decline equivalent to nine billion dollars a year."

He added that "supposed to work on how to increase the cash reserve of hard currency through investment in development projects not operating expenses as it gets now,"

asserting that "reserve is a cover for the national currency, a safe haven for her as well as it is a sovereign State cannot balance to any party until the Government tampered with, except in cases of force majeure or investment."

At the time accused the Parliamentary Committee on the economy and investment, Salam Al-Maliki, the Central Bank of Iraq's wealth, financial waste that "there are procedures included many suspicions of corruption and fraud in what is known as window sale of foreign currency at the Central Bank caused the depletion of the currency of the country, and led to the decline of dollar reserves in the vault which was more than $80 billion to an unknown number could not Central Bank declared.

Al-Maliki, said in a statement, "tomorrow" has received a copy of it, that "certain information indicates the low level of cash reserve of hard currency to low levels threaten serious disasters in the short and long and could threaten to bankrupt Iraq and drowning in external debt", stating that

"there is a vast difference between the price approved by the local market price to the Central Bank, allowing the spoilers and behind them to deprive the Government of tax began adding to deprive the Iraqi citizen of the usefulness of the real exchange rate."

So between a Central Bank Adviser, John Eide, "" tomorrow, "more than 50 billion dollars worth of stock case (Central Bank reserves), and this covers imports more internationally recognized term" stating that "it is very reassuring for the moment."

He added "this holiday to face cover private sector requests for import since the State was importing 95% and now do not import anything, but for your purpose to Iraqi ministries", but "but private imports no hand in Iraq are funded process except the Central Bank, by harnessing the reserves."

And, that "policy adopted by the central banks are certainly sure sources of funds to buy dollars, any sound sources to be genuine and not contrived, inspections and all the documentation for bank kept imports and the role of the Central Bank after a regular inspection on these banks to make sure that the documents submitted were correct and in conformity with the law and orders were real."

He explained that "the other side makes it the Central Bank is trying to reconcile the demands of maintaining foreign reserves and has reconciled with market price to ensure the stability of the dinar before the foreign currencies as an important function of Central Bank functions.

He noted that "the stability of the exchange rate is always linked with political stability and security stability factors, the security situation is still a popular crowd and State security forces battling various ISIS your strength and was able to answer 90% of land usurped, which requires spending and sustain the battle and accessories."

He continued, "the other thing is the internal migration, many Iraqis stopped their Atelier, homes and been forced into internal or external migration, many of whom were able to convert its assets into foreign currency and contracted under 10000 dollars allowed by law against money laundering, this international standard to meet spending requirements outside Iraq or other", stating

"and this certainly demand for dollars on the black market, the lack of security and political stability of influential factors on the exchange rate and stability."

He was Governor of the Central Bank, agency relationship, confirmed earlier that Iraq's foreign currency reserves reached 53 billion dollars, except that it is in line with international standards and regulations of the International Monetary Fund, the House of representatives and the Government reduced their approval because of reserve to balance its fiscal deficit.

The CBI had been rejected in (13 January 2016), the Government drag financial reserve, while attributing it to the law "not allowed" to the Government, invited her to issue bonds and sell them to banks.

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