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Blombera: CBI sees limited risk of devaluation
2015/09/15 17:33
Tomorrow Press / Baghdad confirmed the central bank governor Ali Mohsen Keywords, that Iraq had enough of foreign financial reserves to maintain the economic situation, but he did not rule out devaluation of the dinar to support the government revenues that were damaged due to falling oil prices and the cost of the war against al-Daash. And he said: in an interview, "The reserves are sufficient to cover the country for more than six months of imports while maintaining the exchange rate," stressing that "the budget deficit for this year is less than $ 20.9 billion, or about 25.4 trillion Iraqi dinars." He said, "There is no fear on the dinar, but it will happen a slight change in the exchange rate to increase revenues from the Ministry of Finance, and we are working on is just a choice needs to be careful consideration because we do not want to give up what recently we have achieved." In the meantime, consumer prices rose by 2 0.6 per cent, according to official data. Against the backdrop of comments Governor of the Central Bank on the deficit in the Iraqi budget, the OPEC plans to raise the bond given the value of Iraq worth six billion dollars, to cover the deficit problem in the Iraqi budget, deficit increased by 17.4 per cent since 2014, and an increase of five per cent in the current year. It is said that the International Monetary Fund has given Iraq's $ 1.24 billion to meet the emergency in July. The invasion of militants Daash Iraqi territory in the last year, it is expected that rising inflation Iraq amid increasing discontent among Iraqis, who complain of a severe shortage of water and electricity, which caused them to go out to squares of liberation express their anger at the lack of basic services. attribute the experts, that the success Aeksri Almottagzo in the fight against militants Daash, as well as the difficulty of cooperation with Sunni communities at a time Currently, despite suffering from Almtzerv organization, the latest problem and clear financial crisis. Jean-Michel Saliba, economist working in the bank "America Of Merrill Lynch," he says, "Iraq has suffered a double and a huge shock in the past year, the drop in oil prices and the dominance of militants Daash parts of its territory, and this is what led to a significant rise in the deficit. "He said Saliba, said that" the Iraqi authorities have a few options, one of which is obtained from the central bank to reduce the value to enhance revenue, we do not see an immediate decline, but we see a sharp rise. " . and much concerns today that the oil-dependent economies may abandon their dollar pegs, after allowing for Kazakhstan and China to use their currencies, while Saudi Arabia has said, the biggest oil producer in the world, it is committed to maintaining the peg policy. In the Middle East, the Iraqi dinar is the most vulnerable, despite assurances from the National Bank of the UAE's biggest bank in Dubai, that the dinar will maintain its position, but as is known, the war that the latest economic tremors and low oil prices by 50 per cent prevent this, while struggling Central Bank Iraq to relieve pressure on government finances, as it allowed local banks using their reserves by 50 per cent, according to the words of Keywords.
Translation: Ahmed Alaa
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2015/09/15 17:33
Tomorrow Press / Baghdad confirmed the central bank governor Ali Mohsen Keywords, that Iraq had enough of foreign financial reserves to maintain the economic situation, but he did not rule out devaluation of the dinar to support the government revenues that were damaged due to falling oil prices and the cost of the war against al-Daash. And he said: in an interview, "The reserves are sufficient to cover the country for more than six months of imports while maintaining the exchange rate," stressing that "the budget deficit for this year is less than $ 20.9 billion, or about 25.4 trillion Iraqi dinars." He said, "There is no fear on the dinar, but it will happen a slight change in the exchange rate to increase revenues from the Ministry of Finance, and we are working on is just a choice needs to be careful consideration because we do not want to give up what recently we have achieved." In the meantime, consumer prices rose by 2 0.6 per cent, according to official data. Against the backdrop of comments Governor of the Central Bank on the deficit in the Iraqi budget, the OPEC plans to raise the bond given the value of Iraq worth six billion dollars, to cover the deficit problem in the Iraqi budget, deficit increased by 17.4 per cent since 2014, and an increase of five per cent in the current year. It is said that the International Monetary Fund has given Iraq's $ 1.24 billion to meet the emergency in July. The invasion of militants Daash Iraqi territory in the last year, it is expected that rising inflation Iraq amid increasing discontent among Iraqis, who complain of a severe shortage of water and electricity, which caused them to go out to squares of liberation express their anger at the lack of basic services. attribute the experts, that the success Aeksri Almottagzo in the fight against militants Daash, as well as the difficulty of cooperation with Sunni communities at a time Currently, despite suffering from Almtzerv organization, the latest problem and clear financial crisis. Jean-Michel Saliba, economist working in the bank "America Of Merrill Lynch," he says, "Iraq has suffered a double and a huge shock in the past year, the drop in oil prices and the dominance of militants Daash parts of its territory, and this is what led to a significant rise in the deficit. "He said Saliba, said that" the Iraqi authorities have a few options, one of which is obtained from the central bank to reduce the value to enhance revenue, we do not see an immediate decline, but we see a sharp rise. " . and much concerns today that the oil-dependent economies may abandon their dollar pegs, after allowing for Kazakhstan and China to use their currencies, while Saudi Arabia has said, the biggest oil producer in the world, it is committed to maintaining the peg policy. In the Middle East, the Iraqi dinar is the most vulnerable, despite assurances from the National Bank of the UAE's biggest bank in Dubai, that the dinar will maintain its position, but as is known, the war that the latest economic tremors and low oil prices by 50 per cent prevent this, while struggling Central Bank Iraq to relieve pressure on government finances, as it allowed local banks using their reserves by 50 per cent, according to the words of Keywords.
Translation: Ahmed Alaa
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