Economist: Do not risk a cash reserve of currency

Business & Finance

Economy News / Baghdad ...

He said economic expert on behalf of Jamil Antoine, Saturday, not to risk a cash reserve of foreign currency.

Said Antoine in a press statement, said that "the balance on the central bank, over one and a half from the Iraqi currency is printed, as the printed currency up to 24 trillion dinars," it "still there is no risk to cover these amounts by Iraq balance of currency."

He added that "the decline in the amount of the reserve, is due to discount treasury bonds," explaining that "the central bank under its law is not entitled to lend to the government and funding but can lend to development banks."

He was general manager of banking and credit control in the bank Ihsan Shomran Yasiri, said on the fourth of September, a press statement, "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, "noting that" this is the foreign reserves, according to the international Monetary Fund on the safe side. "

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