Tuesday 10-11-2015 | 2:17:55
Twilight News Central Bank of Iraq / said on Tuesday that the bank reserves from the dollar not affected by lower oil prices, expected to retain 60 billion dollars as a reserve by the end of this year.
The governor of the bank on the Keywords in a statement seen by Twilight News, that the bank reserves from the dollar is still the level of efficiency, but much higher, according to international criteria and are the standard of the local currency cover the equivalent of foreign currency, and the ability of reserves to cover imports for a period of 6 months.
He noted 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 at 50 billion dollars, pointing out that the central bank is still expected according to the data and the actual indicators Reserve to be up to the 60 billion.
He Keywords that "our purchases of the dollar (from the Ministry of Finance) and the difference with sales of the dollar for the period from the beginning of this year until the end of September amounted to the difference of about $ 600 million a month, and the central bank to cover this difference to balance the balance of payments and keep the exchange rate and thus the general level of prices. "
He pointed out that "the continued decline in oil prices and lower revenues from the dollar, the reserve can hold enough coverage and adequate presence of about $ 60 billion of reserves."
Iraq relies on the sale of oil revenues to finance about 95 percent of state spending. The decline in oil prices led to a liquidity crisis worsened as a result of the increasing expen
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