Central Bank Announces its Intention to Invest its Reserves Abroad
Central Bank of Iraq announced, during a meeting with representatives of the economic and investment commission in the House of Representatives Wednesday his intention to invest its reserves of hard currency and gold in the global market.
He said the former deputy director of the Central Bank of the appearance of Mohammed Saleh, Radio Free Iraq, “said the bank currently has a reserve of strong currencies can be invested in European banks and stable countries economically,” he said, adding “that the central bank has achieved in 2007 simple returns when invested currency reserves, expected to achieve a higher rate in the next year. ”
In addition, said director of planning and financial management in the Ministry of Finance Hilal Taan “that could the central bank to invest its reserves of currency and gold, in the form of bonds in stable markets,” explaining that “the profit resulting from the investment could be added to the treasury of the State General”.
On the other hand, a member of the Committee on Economy and Investment in the House of Representatives Nora Salem to the eye, “the difficulty of the currency and gold reserves invested by the central bank, under the circumstance of security and the deteriorating economic of the country,” adding, saying “It is better for the central bank to invest the currency and gold reserves in the years future. “
The central bank has $ 76 billion of the national currency as a reserve, and more than 30 tons of gold.