«Iraqi Central»: $ 4.17 billion deficit a month salaries

2002 2016

The governor of the Iraqi Central Bank, said that the government is facing a deficit of $ 5 trillion dinars (4.17 billion dollars) a month to cover the salaries and expenses of critical, at a time when assured that the government did not reduce spending too much, it will resort to borrowing to cover the deficit.

And between on the Keywords that this amount when they do not have enough cover from the dollar from oil exports will certainly be covered by government borrowing, which the government is doing now.

Keywords and added that the slump in oil prices represents a significant strain on the financial resources are limited and make it under the current prices of existing private and that it was not accompanied by a reduction of government spending for itself.

Furthermore, the central bank stressed that the government did not reduce spending too much, while noting it needs five trillion dinars for salaries, he said the government will resort to borrowing to cover the deficit.

The governor of the bank on the Keywords, said that «the government still has to five trillion dinars per month to cover the salaries and expenses of critical», indicating that «this amount when they do not have enough cover from the dollar from oil exports will certainly be covered by government borrowing which is what you are doing currently the government ».

Keywords and added that «the drop in oil prices posed a significant strain on the financial resources are limited and make it under the current prices found in not accompanied by reduced government spending for itself.»

Keywords and pointed out that «the expenses when they are not connected to cover the export of oil, it will be a pressure on the reserve, because these expenses will turn into a request to buy the dollar and therefore, this process will cut the reserve indirectly».

Keywords emphasized that «the size of government spending when they do not have a cover of foreign currency, he resorted to borrowing to Ngtih difference».

In another matter, the CBI reported sales, the end of the week, a slight rise at the end of the weekly auction for the sale of foreign currency, sold $ 111 million after yesterday sold $ 102 million but still the lowest sales recorded by the bank for months.

According to a statement of the bank, he said that «the size of the amount sold today reached 111 million, 400 thousand dollars, the price of 1182 dinars to the dollar exchange rate, with the participation of 28 banks and 19 financial companies convertible».

He pointed out that «the amount of remittances and credits amounted to 95 million 500 thousand dollars, while the quantity sold was 15 million in cash, and $ 900 thousand».

The statement said that «the amounts transferred to the accounts of banks selling abroad is priced at 1190 dinars per dollar, and the cash sales price shall be the price of 1182 dinars per dollar».

The statistics of the Central Bank of Iraq reported the sale of the bank more than $ 3.3 billion during the month of December.

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 2015 was more than 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.

© 2016 New Morning


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