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Central: $ 60 billion of Iraq's reserves of foreign currency
On: Sat 07/01/2012 7:00
□ Baghdad / economic follow-term
central bank announced a rise in foreign currency reserves to $ 60 billion, for the first time in the history of Iraq, while stressing its ability to curb inflation if it reached the decimal two places, it was considered that the current levels do not raise concern.
The deputy governor of the Central Bank of the appearance of Mohammed Saleh "Alsumaria News": The central bank's reserves of foreign currency amounted to $ 60 billion for the first time in the history of Iraq, "noting that" precautions Top previously recorded year-end 2010 and arrived in time to the $ 50 billion, With marked the beginning of September of the year 2011, up reserves reached $ 58 billion. "
Saleh added that "high reserves will strengthen the value of the currency, noting that" higher central bank reserves will increase confidence in local currency and increases stability. "Meanwhile, Salih stressed that" Bank was able during the last period of trade finance to the private sector and to maintain market stability and to curb high inflation that existed during the periods of the past, "noting that" inflation in the country is alarming and is under control and within the policy of price stability that make the increases in the market are reasonable. "
He for that "reserves the strong hard currency makes bank is able to curb inflation in the moments when it arrived inflation tied places," asserting that "the Bank was able during the month of January of last year to reduce inflation to 3% to rise gradually to about of 7 % in the month of August to return to the decrease again to less than 6% through the end of last year. "
The Ministry of Planning announced on 18 December 2011, a rise in annual inflation index during the last November, by 5% compared with the same month last year, and higher monthly indicator slightly by 0.1% compared to last October. The central bank held the Iraqi daily sessions for the sale and purchase of foreign exchange with the participation of Iraqi banks, except for public holidays on which depends the World Bank for these auctions, the sales, either in cash , or in the form of money orders sold abroad in return for a commission of certain.
The central bank was established as a bank independent under the law of the Central Bank of Iraq issued on 6 March 2004 and the Bank shall be responsible for maintaining price stability and monetary policy including exchange rate policies on the management of foreign reserves and the issuance of currency management as well as to regulate the banking sector to promote the financial system competitive and stable, is headquartered in Baghdad, the Bank has four branches in Basra, Mosul, Erbil and Sulaymaniyah.
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