Central Bank: dollar resources decline owing to lower oil prices
August 10, 2015 0

The Governor of the Bank on the relationship between low dollar resources owing to lower oil prices, but the reserves are still at a level of efficiency but much higher according to international standards, namely the standard cover the local currency equivalent of foreign currency reserve capacity to cover imports for six months.

Allaq said in a press statement obtained by the news agency "economy IMF forecast in early 2015 arrival of Iraqi Central Bank reserves to 40 billion dollars at the end of the year, but the Fund amended his prediction after months and as much as $ 50 billion reserve," Noting that "the Central Bank still expected according to data and actual indicators should be up around 60 billion.

"The relationship between its dollar purchases of the Ministry of finance and the difference with our dollars for the period from the beginning of this year until the end of September amounted to about 600 million difference per month, and the Central Bank to cover this difference to the balance of payments and keep the exchange rate and the General level of prices", pointing out that "the continued decline in oil prices and lower revenues from dollar reserves can continue coverage enough to nearly 60 billion dollars of reserves"