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Parliamentary Finance" clarify the causes of the central bank reduced the cash reserve
October 6th, 2015
revealed financial parliamentary sending a letter to the Central Bank to determine the reasons for the low Federal Reserve, while the source of the Central Bank entered stressed that "the monetary reserves of the Central Bank was the beginning of the year 2015 more than 70 billion Today, up to $ 60 billion, pointing out that "this figure is variable daily according to changes in the sale of oil to the market, among economist that" cash reserves started to decline in conjunction with the fall in oil prices to half despite an increase in the quantity produced from oil.
"He said the decision of the Finance Committee MP Ahmad Al-Hajj that "the central bank sent during the previous term of the House of Representatives two books, the first indicating that the central bank reserves of $ 67 billion and the other refers to the decline for 63 billion dollars," noting that "the Commission addressed the Bank for clarification as well as the desire to know the size of the Federal Reserve from 2013 to 2015 and the reason for the decline.
"He said al-Haj in his interview to the newspaper" New Morning "that" the central bank attributed the causes of the decline to currency auction through which seeks to maintain the dinar's exchange rate against the dollar.
"stressing the need to" take swift and courageous decisions to overcome the problem before it reaches the limits of the most dangerous, "pointing out that" must be restructured Iraqi fiscal policy altogether.
"He said the financial decision of parliament that" there are recommendations sent by the Commission to the Government to address the causes of the depletion of hard currency but so far the government did not answer.
"For his part, source from the Central Bank of Iraq that "the monetary reserves of the Central Bank depends on what is received from currencies (the dollar) by the Iraqi oil imports sold from Sumo oil marketing company which in turn converts those amounts to the Ministry of Finance, which replaces the Iraqi dinar, according to selling price, but not at the price of market sale.
The source, who declined to be named in his interview to the newspaper "New Morning" that the central bank will deduct the amounts printed currency dinar and wage transfer and the remaining ones will be transferred to the reserve, noting that "previously was the price of a barrel of at least $ 100 and today dropped to below 50 $ surely this normal equation when low oil sales rates reduced the reserve.
"He added that" the decline in the monetary reserves of the Central Bank was the beginning of the year 2015 more than $ 70 billion today became up to $ 60 billion, pointing out that "this figure variable daily according to changes in the sale of oil to the market.
"The source explained that" the decline does not constitute a clear threat to the reserve for the fact that the central bank has a good stock of reserves compared to the size of the dinar as well as reserves of gold, adding that "the decline is slight and does not affect the country's economy which is variable According to oil sales in the market.
"For his part, the economic expert on behalf of Antoine" The drop in oil prices led to a decline in the central exchange reserves, which comes from oil sales by 98%, especially after the use of more than six trillion dinars him between the lending banks and to cover small enterprises for the purpose of investigation economic development after more sectors of the economy paralysis in the country.
"said Antoine to the newspaper" New Morning "that" cash reserves amounted according to the latest announcement of 59 trillion dinars after the exchange amount of 5 trillion of it to banks in order to provide loans for industrial and agricultural projects for the advancement of economic reality as well as the trillion to cover Small projects, "stressing that" According to paragraph 56 of the Central Bank Law can be used as part of this amount for the purposes of economic development through distribution among banks (real estate, housing and industrial and agricultural) that these amounts back at a later time.
"He said economic expert," The cash reserve It started to decline in conjunction with the fall in oil prices to half despite an increase in the quantity produced from oil, "noting that" in the past was not one has the right to intervene to exchange part of the reserve, but now there is a legal formula for the exchange by the central bank as part of its responsibility towards the Cash in the country. "
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October 6th, 2015
revealed financial parliamentary sending a letter to the Central Bank to determine the reasons for the low Federal Reserve, while the source of the Central Bank entered stressed that "the monetary reserves of the Central Bank was the beginning of the year 2015 more than 70 billion Today, up to $ 60 billion, pointing out that "this figure is variable daily according to changes in the sale of oil to the market, among economist that" cash reserves started to decline in conjunction with the fall in oil prices to half despite an increase in the quantity produced from oil.
"He said the decision of the Finance Committee MP Ahmad Al-Hajj that "the central bank sent during the previous term of the House of Representatives two books, the first indicating that the central bank reserves of $ 67 billion and the other refers to the decline for 63 billion dollars," noting that "the Commission addressed the Bank for clarification as well as the desire to know the size of the Federal Reserve from 2013 to 2015 and the reason for the decline.
"He said al-Haj in his interview to the newspaper" New Morning "that" the central bank attributed the causes of the decline to currency auction through which seeks to maintain the dinar's exchange rate against the dollar.
"stressing the need to" take swift and courageous decisions to overcome the problem before it reaches the limits of the most dangerous, "pointing out that" must be restructured Iraqi fiscal policy altogether.
"He said the financial decision of parliament that" there are recommendations sent by the Commission to the Government to address the causes of the depletion of hard currency but so far the government did not answer.
"For his part, source from the Central Bank of Iraq that "the monetary reserves of the Central Bank depends on what is received from currencies (the dollar) by the Iraqi oil imports sold from Sumo oil marketing company which in turn converts those amounts to the Ministry of Finance, which replaces the Iraqi dinar, according to selling price, but not at the price of market sale.
The source, who declined to be named in his interview to the newspaper "New Morning" that the central bank will deduct the amounts printed currency dinar and wage transfer and the remaining ones will be transferred to the reserve, noting that "previously was the price of a barrel of at least $ 100 and today dropped to below 50 $ surely this normal equation when low oil sales rates reduced the reserve.
"He added that" the decline in the monetary reserves of the Central Bank was the beginning of the year 2015 more than $ 70 billion today became up to $ 60 billion, pointing out that "this figure variable daily according to changes in the sale of oil to the market.
"The source explained that" the decline does not constitute a clear threat to the reserve for the fact that the central bank has a good stock of reserves compared to the size of the dinar as well as reserves of gold, adding that "the decline is slight and does not affect the country's economy which is variable According to oil sales in the market.
"For his part, the economic expert on behalf of Antoine" The drop in oil prices led to a decline in the central exchange reserves, which comes from oil sales by 98%, especially after the use of more than six trillion dinars him between the lending banks and to cover small enterprises for the purpose of investigation economic development after more sectors of the economy paralysis in the country.
"said Antoine to the newspaper" New Morning "that" cash reserves amounted according to the latest announcement of 59 trillion dinars after the exchange amount of 5 trillion of it to banks in order to provide loans for industrial and agricultural projects for the advancement of economic reality as well as the trillion to cover Small projects, "stressing that" According to paragraph 56 of the Central Bank Law can be used as part of this amount for the purposes of economic development through distribution among banks (real estate, housing and industrial and agricultural) that these amounts back at a later time.
"He said economic expert," The cash reserve It started to decline in conjunction with the fall in oil prices to half despite an increase in the quantity produced from oil, "noting that" in the past was not one has the right to intervene to exchange part of the reserve, but now there is a legal formula for the exchange by the central bank as part of its responsibility towards the Cash in the country. "
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