Central bank reserves rise to 64 billion dollars
Economie Yesterday, 08:26
In the face of the speculations and warnings raised by international monetary institutions, regarding the Iraqi economy, the Central Bank had accumulated the cash reserve of hard currency to 64 billion dollars, which makes it able to influence exchange rates, and provide a stable economic environment in a way relaxing.
International reserves, deposits and bonds of foreign currency held by central banks and monetary authorities, are necessary to support the currency and pay the debts owed by the country.
On the other hand, the inflation index in the major countries of the world constitutes an obsession that pushes them to stimulate the interest rate hike of the dollar, and this is what the US Federal Reserve plans to do; By the middle of next year, he will raise interest rates on the dollar.
Those indicators drawn by the US data, the Iraqis read, are an increase in the material returns and interest on Iraqi funds, assets and bonds located in America, most notably the hard currency reserves in the US Federal Bank in Washington.
A senior source in the Central Bank said in a statement to "Al-Sabah" newspaper, which was followed by the Iraqi News Agency (INA), today, Monday: "The hard currency reserves of the US Federal Bank rose to 64 billion dollars, due to the rise in the oil markets."
The source commented on the possible US decision that "it will bring great financial benefits to Iraq," which was confirmed by the financial advisor to the Prime Minister, Dr. Mazhar Muhammad Salih.
Saleh said in a statement to "Al-Sabah": that Iraq "will reap a great benefit in light of the new monetary policy of the United States of America, because the Central Bank of Iraq invests its foreign reserves in the United States, which provides the highest returns and lower risks."