Central bank: $ 50 billion in bank reserves and cover the budget deficit


A senior official in the Iraqi Central Bank, revealed the size of the amount of foreign currency reserves in the bank.

The general director of banking and credit control in the bank Ihsan Shomran Yasiri, in a televised statement, on Sunday evening, that "the monetary reserves of the Central Bank of Iraq from foreign currency of up to $ 50 billion, which is quite normal number with a country in the past three years a large deficit in the state "stressing that this is the foreign reserves, according to the international Monetary Fund on the safe side."

He added that "more than 90% of central bank sales are through dependencies documentary universally used and either direct sales through the window of foreign currency sell a few to sustain the economy and inject the dollar to trade."

He pointed out, "The Central Bank is financing large deficits in the state budget."

And the dollar exchange sold by the Central Bank for Goods banking and domestic market, Yasiri rate differential, "The Bank of the dollar sells 1,200 dinars, and the parallel to him in the local market is 1260, or 1270 dinars to the dollar, this is not a big difference, but reasonable Bank defends very difficult to maintain it. "

And raised suspicions of corruption, fraud and money laundering through the central bank auction as announced, specializing in national integrity and economic crime and money laundering a misdemeanor court, in the August 20, 2015 issued sentences of imprisonment and a fine against officials in the Rafidain and the north after being convicted on charges of corruption and money laundering, a banner in the earlier to the presence of 20 defendants in these cases, some degree of chairman. "

It is said that the government announced last month that the budget for fiscal 2017, a large deficit, amid expectations that exceed the 30 trillion dinars, which means asylum to Iraq's internal and external loans to cover the deficit may include CBI.