Wael Abdul Latif warns of manipulating cash reserve to cover the expenses of the State

2016/1/14 8:54

The former deputy and judge Wael Abdul Latif, the seriousness of the resort state of manipulating the cash reserves of the country and the enactment of a law authorizing the government to withdraw money from the balance of the State to cover its expenses warned.

Said Wael Abdul Latif told all of Iraq [where], that the government had resorted to the manipulation of the cash reserve to fill the fiscal deficit in the budget, not up to the slightest understanding of the monetary and economic area. "

He added, "The cash reserves of gold and hard currency, it represents the power of the dinar Iraqi and the strength of the Iraqi economy, and if it has been tampered with, the Iraqi dinar will collapse."

He continued," The Iraqi cash reserves rose to $ 87 billion, which enhances the Iraqi currency, but the country began to draw from this reserve, which led to the Iraqi currency deterioration. "

And Abdel Latif, that "there is a draft law allows the government modified the Iraqi Central Bank Law No. 56 of 2004, allows the government to withdraw what covers the needs for the year 2016 from the cash reserve, stressing that" this decision is dangerous and will lead to the collapse of the Iraqi currency and would cause great harm to the citizen.

"The government plans According to a memorandum of the International Monetary Fund, to finance the deficit in the balance of payments of withdrawal from Iraq, the foreign reserves held by the central bank, including make it go down to $ 43 billion in 2016 from 59 billion at the end of October Almadi.anthy 2