28/05/2012
Bank reserves rise to $ 63 billion .. Central Bank of Iraq will soon begin to open letters of credit
Central Bank of Iraq, Sunday, for work near the opening credits Almstdnah has a C instead of the conversion of the process difficult, indicating that this procedure will ensure to make sure that the hard currency that are sold to traders not be paid unless there is a hyphen goods to the country.
The central bank last week accused the four countries to "conspiracy" to hit the financial economy of Iraq to empty its market of its financial strength, indicating that the free trade corridors in Iraq is becoming the means adopted to hit the economy.
And saw the price of the dollar compared to a rise in local currency during the past few days, which officials attributed to a local banking companies, the central bank to take additional action in the auction sale of hard currency.
The deputy governor of Bank of the appearance of Mohammed, told the Kurdish news agency (Rn) that "the Central Bank of Iraq will soon open letters of credit rather than transfer of credit, which currently employs."
He explained that "this measure will enable the central bank to ensure that foreign exchange traders sold the goods against which comes to Iraq."
Adding that "the bank's move is part of a traditional trade assets is added to the measures recently taken by the Bank to protect the hard currency."
Meanwhile, Central Bank of Iraq for high reserves of hard currency to $ 63 billion, confirming that it is the largest in the history of Iraq, in what was considered that these reserves are still a few in a country lack of economic diversification. Deputy Governor of the Bank Mazhar Mohammad Saleh in an interview for " Alsumaria News "," The Iraqi central bank reserves of hard currency rose to $ 63 billion after the $ 60 billion before the end of last year, 2011, "noting that" this increase will increase confidence in local currency also will increase the stability. "
Saleh added that "these reserves, despite being large, which is the largest in the history of Iraq through their access to $ 63 billion, it remains below the level of ambition," noting that "these reserves are a few in a country like Iraq because of poor economic diversification and adoption on a single commodity in its budget public.
"Saleh pointed out that" these reserves are a few in front of our needs if it has been closed ports oil generally Iraqi exports for any reason whatsoever for a period of a week or more, "stressing the need to" prepare heavily for that matter. "and called on the Deputy Governor Central Bank of Iraq to "follow the state of China, which hedge four trillion dollars, one-third of the reserve official world of foreign currency as well as the diversity of its economy enormous."
The Central Bank of Iraq announced, the sixth of January, a rise in reserves of foreign currency to 60 billion dollars, for the first time in the history of Iraq, after recording the beginning of September of the year 2011, up precautions amounted to $ 58 billion after the $ 50 billion year-end 2010. The central bank held the Iraqi daily sessions for buying and selling foreign currencies with Iraqi banks, excluding holidays official stop at the bank for these auctions, and sales are either cash, or in the form of money orders sold out for a commission of certain.
source
