CBI announces rise in Iraq’s reserves of foreign currency to

[Stillw8n]

CBI announces rise in Iraq’s reserves of foreign currency to the $ 60 billion for the first time

Central Bank of Iraq, 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 it reached the decimal two 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 50 billion dollars in September marked the beginning of the year 2011, up reserves reached $ 58 billion. ”

Saleh added that “high reserves would strengthen the value of the Iraqi currency,” adding that “the 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 country is alarming and is under control and within the policy of price stability that make the increases developments 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 was able during the month of January of last year to reduce inflation to 3 percent, to rise gradually to about from 7% in August to return to again decline to less than 6% through the end of last year. “

The Ministry of Planning announced on 18 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 exchange 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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