June 13, 2015
Governor of the Central Bank: borrowing from the International Monetary Fund is to reduce the budget reserve and Iraqi safely deficit
Zora / Duraid Salman:
He attributed the Economic Adviser to the Prime Minister the appearance of Mohammed Saleh, the reasons for the continuing rise of the dollar exchange rate against the dinar to the situation "monopoly" in the currency markets, and considered the power of "rooted" the Iraqi economy, while pointing to the existence of a "gap" between the official exchange rate and real, causing a "major" loss to the government and citizens alike, which will not last.
Saleh said in a statement the "Zora", yesterday: The pumping large amounts of currency and take measures that will maintain the dollar's exchange rate against the dinar does not prevent the emergence of situations monopoly of foreign currency, pointing out that Altdharbah forces within the market have an impact, and are rooted Iraqi economy since the Iran-Iraq war. He added that speculation and the high dollar exchange rate, are a reflection of the financial hardship faced by Iraq because of lower oil prices, because it is governing the inflow of foreign currency for Iraq, noting that the central bank should maintain its reserves, although it covers the Iraqi currency 100%, But with that it has red lines if the reserves then dropped it to change the currency exchange rate. Saleh continued: that the central bank maintained its official currency and codified its sales and that a reference to the emergence of another price, which means that demand for the dollar more than the offer, pointing to the existence of a "gap" between the official and the real exchange rate and the foreign in the bank currency exchange, and as if the price of a barrel of oil $ 110, and this is a great loss to the government and citizens alike. He stressed Saleh: that the situation does not assume two prices, but must put one and defend the price, noting that "the game the two prices do not last long, but there are gaps in the market is incorrect."
In the meantime, said Governor of the Central Bank of Iraq on the Keywords that borrowing Iraq from IMF International is to support the state budget and reduce the deficit. He said in a statement the Iraqi National News Agency / Nina / that "the amount of which is expected by the International Monetary Fund and present it to the Iraq of borrowing door requires, among other issues Iraq must be submitted to facilitate access to such loans, similar to other countries to demonstrate that the country spends fiscal and monetary and economic real reforms encourage the International Monetary Fund to be granted such loans feasible. "
He noted that "Iraq for the international loan will strengthen the financial position in the credit score, meaning that the confidence of States and international financial institutions in Iraq become a higher level." Keywords explained that "the central bank not perceived value to the amount of $ 863 million but because it puts us in the best of financial transactions with countries global level." He said the "international loan paves the way for strengthening the global confidence of the Iraqi economy and brings us to a higher grade in other World Bank classification enables us to get more financial loans." And on the fate of the Iraqi reserves, the central bank governor said that "the current reserve is much more than $ 65 billion is still a high rate." He said the "reserve currency rate measured by exporting locally. If the ratio between foreign currency and the currency in circulation locally more than 100% means that the reserve status properly and insured." And on the central bank not to deal with some banks, said the Keywords that "violations of these banks is not to adopt the Bank instructions to transfer fees on deposit insurance from the merchants to the Ministry of Finance, which is the amount of accumulated daily process of selling the dollar." He said he was "over the past two days, some banks scrambled to repay those amounts previously ignored warnings after the central bank".
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