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Central Bank: The foreign reserves rose to about (59) billion dollars
On: Sat 31/12/2011 6:11
□ Baghdad / agencies
said a source at the central bank said the reserves of foreign currency rose to about (59) billion dollars currently, the highest in the history of the country's economy since three decades ago.
The economic source in the bank as "news agency Uzmatk" said the central bank does not see that These amounts sufficient to protect the national economy because of the weakness since there is no diversity of agriculture in today's contribution to gross domestic product of more than 2.5%
The industry does not increase only 1% a little, which means that the economy in its current status with the exception of oil production economy is service-weak link production total, which requires careful and in anticipation of severe in the formation of sufficient reserves absorb twice the diversity and offer the balance of payments to the risk of volatility because of the pressure of aggregate demand or total expenditure.
He added that the economic history of Iraq, the modern saw a correlation evident in the movement of trade finance and the level of accumulation of foreign reserves, the country's official. indicating that the accumulation of foreign currency with the CBI, which represents its international reserves are made through the Ministry of Finance swap of its revenues in dollars, which is caused primarily by Iraq's oil exports to meet their access to what you want from the Iraqi dinar source of the Iraqi Central Bank, to enter the circulation, but through the doors of the exchange in the general budget of the state.
He said that "what was the task of the Iraqi Central Bank is to maintain the stability of the value of Iraqi dinar, which has been issued and disposed of it mainly through the expenses of the general budget mentioned and according to the mechanism referred to above, such a matter may select the direction of monetary policy of the Central Bank of Iraq and recorded them in how to use the dollar is available as a reserve foreign, in order to meet the expenses of the public and the market transactions arising from it and are derived mainly from government spending turned in a later stage to the purchasing power, however, the public, are traded and spent Kdanar Iraqis in daily transactions and this has became foreign reserves of the Central Bank of Iraq addressed to deal directly with the market pressures and needs of foreign currency, but in the framework of preserving the Iraqi dinar and its purchasing power through permanent cover of foreign currency.
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