Iraq’s Economic Center proposes tapping into CBI currency reserves for investment projects
Posted on November 17, 2013 by kdorman
Economic center proposes to invest a portion of the cash reserve of hard currency in portfolios guaranteed
16-11-2013 10:25 AM
Baghdad (newsletter). The economic information center suggested that Mohammed dargham, invest part of the cash reserve of hard currency to the Central Bank within the portfolios of investment projects for the country.
He Mehmet Ali (News Agency): the investment of cash reserves should be in guaranteed investment portfolios will not prejudice the cash reserves of the Central Bank and entered into the investment budget.
He continued being the reserves would be exhausted and constantly rely on the bridge part of the investment component to offset budget deficit in the coming years.
He added that the Central Bank is required to develop the cash reserve and only in cases of extreme necessity and produced in the event of crises is calculated and the urgent need to use part of it to meet the basic needs of the Iraqi people and maintain the currency without cover, to keep levels of foreign reserve to cover the value of the Iraqi currency.
The Central Bank announced the increase in the cash reserve of hard currency to 83 billion dollars from 76 billion dollars