Central Bank announces rise in Iraq's reserves of foreign currency

6.1.2012 | (Voice of Iraq) - Add comments - Sumerian News / Baghdad said the Iraqi Central Bank, on Thursday, the high foreign currency reserves to $ 60 billion, for the first time in the history of Iraq, while stressing its ability to curb inflation if What arrived in two places decimal places, it was considered that the current levels do not raise concern. The deputy governor of the Central Bank of the appearance of Mohammed Saleh in an interview for "Alsumaria News", "The central bank's reserves of foreign currency amounted to $ 60 billion for the first time in the history of Iraq," noting that "reserves the highest previously recorded year-end 2010 and arrived in time to the $ 50 billion, while the recorded beginning of September of the year 2011, up reserves reached $ 58 billion." Saleh added that "high reserves would strengthen the value of the Iraqi currency," he said. " rise in central bank reserves will increase confidence in local currency and increases stability. " Meanwhile, Salih stressed that "the Bank was able during the last period of trade finance to the private sector and to maintain market stability and to curb high inflation that existed during the periods of the past," noting that "inflation in the the country does not raise concerns under control and within the policy of price stability that make the increases in the market are reasonable. " Saleh indicated that "reserves the strong hard currency makes bank is able to curb inflation in the moments when it arrived in inflation to two places decimal places," asserting that "the Bank able during the month of January of last year to reduce inflation to 3% rise gradually to about 7% in August to return to fall back to less than 6% through the end of last year. " The Ministry of Planning announced in the 18 a month December 2011, a rise in annual inflation index during the last November, by 5% compared with same month of last year, and higher monthly indicator slightly by 0.1% compared to last October. The central bank held the Iraqi daily sessions for the sale and purchase of foreign currency with the participation of Iraqi banks, except for public holidays on which depends the World Bank for these auctions, and sales are either cash, or in the form of money orders sold abroad in return for a certain commission.

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