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Central Bank adviser: Central Bank foreign currency reserves sufficient for 18 months and no fears of declining

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Central Bank adviser: Central Bank foreign currency reserves sufficient for 18 months and no fears of declining

February 23, 2017 | 11:34 am - hits: 43 view
The Iraqi position network


The Iraqi Central Bank adviser said Waleed Idi "Thursday (23 February), Central Bank reserves of hard currency, enough for 18 months and no serious review to 49 billion dollars.

"Idi Amin" in an Iraqi position statement, that "reserve currency by international standards should suffice for six months as an international standard or international requirement for any country, stressing that Iraq's foreign exchange reserves sufficient to pay the debt and take account of geographical diversification and eliminates need for the domestic market of goods and services and the economic and social requirements and pay retirees abroad for treatment and welghrad religious travel and tourism study.

He noted the IMF asserted that there are real spending reserves than Arab countries including Iraq and Saudi Arabia and Algeria, Lebanon, Kuwait and Bahrain, and that proof of the stability of Iraq's reserves of hard currency.

He added that "the IMF study has confirmed that Iraq will reserve in 2018 to 62 billion dollars and then rises to 91 billion in 2020 as a result of improved conditions of the Iraqi economy and oil exports and its derivatives and the sufficiency of the imported electricity to some provinces and export gas and promote tourism and industry all promising economic resources.

"The current 49 billion dollars sufficient to cover currency sufficient to exporting goods imports for more than 18 months.

The Central Bank announced, last Sunday, a decline in hard currency reserves to $49 billion, the result of continuing low oil prices in the world market.

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