Central Bank: Iraq's reserves of hard currency according to international standards

Our economy / Baghdad -
Central Bank of Iraq, announced that Iraq has reserves of hard currency within international standards, while noting that the natural decline in the reserve process.

The governor of the Central Bank on the Keywords, that Iraq has a reserve within the international standards, he stressed, "we still cover the Iraqi dinar traded 1.7 of currency worth 39 trillion dinars."

Keywords He added that the reserve is able to cover imports in the country in 6 months, especially as the natural decline in reserves, a psychological process more than what is worrying.

He continued relationships, that "the reserve is not controlled by the central bank but controls the supply factors of the Ministry of Finance and the demand of the market," adding that he "so the central bank to maintain the market response to the request and fill the balance of payments, because it enters in to maintain a balance."

As he said, he was opposed to calls for lowering the exchange rate for the reforms, he stressed that the reduction would lead to higher prices.

"The Bank is opposed to calls for lowering the exchange rate for the reforms," ​​noting that "the reduction will lead to higher prices and hurt the poor, and this is what happened in Egypt, for example."

Keywords and pointed out that "the bank reserves is not a surplus," adding that "the rise and decline does not affect the government or the budget, but only affects reserves the Ministry of Finance."

Keywords and stressed that "the project to delete the zeros of the existing currency, pointing out that the issuance of 50 thousand dinars category came to structuring currency and do not affect inflation and high prices" .oamady to say, "The project to delete the zeros of the currency is still there, but administrative conditions are not favorable for its implementation Until now".

Keywords and added, that "the issuance of 50 thousand dinars came to structuring currency, the fact that the 25 A category is no longer suitable for trading bloc compared with cash in circulation," explaining that "the new category Stsuhal process and the conversion by the banks and the transfer of citizens."

Keywords confirmed, that "50 thousand dinars class does not affect the inflation and rising prices, because the released are damaged versus currencies".