Central: low oil prices didn't affect us and large currency reserves
November 10, 2015 0

The Iraqi Central Bank, confirmed Tuesday that the drop in oil prices did not affect him, noting that Iraq's reserves of hard currency is still great.

The Bank Governor said the relationship in a statement obtained by the news agency "economy" to "low dollar resources owing to lower oil prices, but still sufficient level of reserves 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."

He added that "the 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.

He stressed that "the dollar purchases (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 from the reserves.

Central Bank Governor Ali al-allaq said three of last March that the new Bank is that the auction is no longer a daily window for sell by auction, noting that new mechanisms developed to sell the currency, particularly the functional currency of the foreign trade.