Antoine: exchange reserves fell fall in oil August 30, 2015
Antoine: exchange reserves fell fall in oil
August 30, 2015
BAGHDAD / Zora:
Stressed the economic expert on behalf of Antoine that falling oil prices led to a decline in reserves of the Central criticism, 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 projects, for the purpose of economic development after paralysis more sectors of the economy in the country.
He said Antoine "The cash reserve amounted according to the latest announcement of 0.59 trillion dinars, after exchange $ 5 trillion from banks in order to provide loans for industrial and agricultural projects to promote economic reality in addition to the trillion to cover small projects," stressing that "According to Paragraph 56 of the Central Bank Law, can use a portion of this amount for the purposes of economic development, through distribution to banks (real estate, housing, industrial and agricultural) that these amounts back at a later time.
"Said Antoine" The cash reserve started to decline in conjunction with Asar oil drop by half, and 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 disbursement by the bank, as part of its responsibility towards the cash in the country.
"He continued Antoine" he hoped to contribute to the OPEC meeting during the next two days to raise oil prices, which recently dropped, "explaining that" the rise even if not the roof of the aspirations of the level of the approved budget on the basis of 56 per barrel, but it will contribute even a small part in narrowing the gap left by the deficit, $ 25 billion.
"The term" cash reserve "to deposits and bonds of foreign currency held by central banks and monetary authorities, which can be used to pay off the internal and external loans owed by the state, in addition to achieving stability in the The local currency value.
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