CBI: Currency Reserves Increase to $80 Billion

Central bank: the increase in oil prices raised our reserves of foreign currencies and gold to $ 80 billion

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Iraqi Central Bank revealed on Sunday, the arrival of foreign currency reserves and gold to about $ 80 billion, while attributed to an increase in global oil prices, the reserve expected to increase over the coming months.

The central bank governor said the agency, Abdul Basit Turki, said in an interview to (range Press), said that “reserves the central bank of hard currency, كالدولار, as well as gold, reached about 80 billion dollars,” noting that “the increase in the reserve, which was until last June of about $ 74 billion, due to an increase in global oil prices. ”

Turkish predicted that “over the reserve over the next few months due to the increase in oil prices, which depends upon Iraq by about a large budget and reflected alone on returns.”

He was Chairman of the Supervisory Board of Finance and the Governor of the Central Bank and Agency, Abdul Basit Turki al-Sabri, said in (third from July 2013), that the bank reserves of foreign currencies and gold, totaled $ 76 billion in May 2013.

The International Monetary Fund, announced in (the 23 of March 2013), that funds preventive in the Development Fund for Iraq rose in 2012 to $ 18 billion, and cash reserves of the Central Bank of hard currency to $ 70 billion, attributing the rise to the “revenue unexpected oil. ”

The U.S. development agency predicted in the (third from last December 2012), that leads the Iraqi economy Arab countries within five years, stressing that Iraq possessed all the qualifications to be “an economically powerful state.”

Iraq is trying for years to attract foreign capital to develop its economy in the fields of industry especially oil, including housing and oil and gas extraction, for the need of funds for infrastructure development and reconstruction, but observers assert that the lack of interest of the state to the private sector and the absence of investment laws which guarantees for investors and the absence of Other laws are still obstacles to the evolution of the economy in the form required.

Iraq relies which has the fourth largest oil reserves in the world at 95 percent of its annual budget on its oil exports, and currently produces about two million and 900 thousand barrels per day, while the issue up to two million and 200 thousand barrels per day.

Financial experts say that Iraq’s stockpile of money liquidity has covered over the past years, demanding the government to adopt alternative ways to cover the deficit, including recourse to the application of secondary-market policies that have been agreed upon with the government.

The former central bank governor, Sinan al-Shabibi, had refused the middle of last year, 2009, asked the government to borrow from the Reserve Bank’s funds to meet the shortfall in the budget, saying that the move “illegal and a violation of the independence of the bank.”

$80 billion in CBI Reserves Valued at 2.5 times the Current Dinar Exchange Rate

Integrity electronic – Baghdad, said the decision to economic and investment commission deputy Mahma Khalil that “the central bank demands to issue monthly data are correct and ultra-precision about the size of Central Reserve and expectations for the amount exceeds more than 80 billion dollars during the month of July next, find out whereabouts in the Banks of the world” .

He said the “increased balance of hard currency sovereign will give strength and durability of the Iraqi dinar the state of economic risks in the country.”

He pointed out that “in the event of reaching the size of the reserve to more than 80 billion dollars, it means that every dinar both inside or outside the country covered by (2.5), because the size of the money supply of the national currency of 33 trillion dinars Iraqis. “

The governor of the Central Bank of Abdel Basset Turki has stressed that “the bank reserves of hard currency will exceed the $ 80 billion during the month of July.

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CBI authorization to reduce the dollar exchange rate to enhance the value of the dinar

CBI authorization to reduce the dollar exchange rate to enhance the value of the dinar

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Friday, 01 February, 2013
The Central Bank decided to include a number of private banks in Basra openly sell foreign currency, increasing the share of Basra offered to exchange companies and authorize the Governor authority to lower the price of the dollar against the Iraqi dinar.
The Bank said in a statement received (News Agency): the World Bank’s Board of Directors adopted several resolutions encouraging Iraqi banks and credit and Mansour as the first stage and later include all licensed banks open documentary credits, financed by the Central Bank of Iraq in accordance with the mechanism set up for this purpose in addition to the continuation of these banks in the entry window selling foreign currency.
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Alternate translation

«Central» authorization to reduce the dollar exchange rate to strengthen the dinar value

The Central Bank decided to include a number of private banks in Basra openly sell foreign currency, increasing the share of Basra offered to exchange companies and authorize the Governor authority to lower the price of the dollar against the Iraqi dinar.

The Bank said in a statement received (News Agency): the World Bank’s Board of Directors adopted several resolutions encouraging Iraqi banks and credit and Mansour as the first stage and later include all licensed banks open documentary credits, financed by the Central Bank of Iraq in accordance with the mechanism set up for this purpose in addition to the continuation of these banks in the entry window selling foreign currency.