Economist warns of continued central bank sold the dollar

2016-01-29 03:38:22 | (Voice of Iraq) - Baghdad

Economist warned of the bankruptcy of the Iraqi state in the event of continued central bank selling treasury of the dollar.

The economist said David Zayer that "the depletion of central bank balance of the dollar will arrive to the bankruptcy of the state, after he crossed the stage of the bankruptcy of the government, because this depletion leads to yellowing of the bank balance of hard currency."

He explained that "the bankruptcy of the state leads to an inability to economically deal with other countries, stressing that the sale of the Central Bank foreign currency violation of the law, because he does not have a law to sell the currency and can buy the currency, but is justified as buying the Iraqi dinar and this is illegal."

Zayer said he "supposed dollar money that comes from the oil riches of other investment and project management, and not turn them into consumer products, because the financial reserves in the world where more than, more than economic weight, but that happens in the country that we alter this hard currency local Iraqi dinar, which does not benefit beyond its borders. "
The official document of the Finance Committee in Parliament revealed that the central bank sold the amount of the US dollar in the past year more than in 2015 and Iraq's imports of foreign currency obtained from the sale of crude oil in the same year.

The document showed that the country's oil revenues for the year 2015 amounted to $ 38 billion, while sales of the bank in the same year was more than $ 44 billion, a difference of more than five billion dollars, that is what sold Iraq of foreign currency more than its imports from them.
Iraq is facing a financial crisis due to the sharp decline of oil, in terms of financial budget for this year with a total expenditure of more than 105 trillion deficit accounted for 22.8%, reaching a total revenue of the 81 trillion and 700 billion dinars, the oil revenues, of which 69 trillion and 773 billion dinars The increase of 85.1% from total revenues, while non-oil revenues amounted to more than 11 trillion and 927 billion dinars The increase of 13.6% of total revenues.