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Central: became a strong dinar is not affected by the volatility of regional currencies
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Author: the future of Iraq
02/02/2012 0:00
Baghdad / Iraq's future
A Deputy Governor of the Central Bank of the appearance of Mohammed Saleh, a new policy with the central bank to avoid the risk of the impact of currencies of neighboring countries on the Iraqi dinar exchange rate, because it has a cash reserve large hard currency. Salih said: "The Central Bank has the largest financial reserve of hard currency in Iraq's history, reaching more than (60) billion dollars to cope with difficult circumstances that may pass in the country. He pointed out that "the Central Bank of Iraq in control of the local market by injecting liquidity or withdrawn and has a policy on the medium and short to avoid the risk the impact of the deterioration of currencies of neighboring countries on the Iraqi currency, continued, that the reserve is enough for a full year to meet the needs of the country of hard currency. He added that the Iraqi dinar today has become a strong and covered with foreign currency and by more than all (100%), so it is not easily affected before the exchange rate fluctuations of the currencies of neighboring countries. And the favor: "The sale and purchase of the dollar in the local markets are now through the window and not through the auction, in order to maintain stability at the Iraqi dinar exchange for hard currency, is done through an inventory of cash from the Iraqi dinar in the market and then is pumped into the dollar, either in the form of cash or be in the form of "remittances" specialized private traders from importing them of goods.
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