CBI criticizes global report describing Iraq’s economy

Posted: July 31, 2013 in Iraqi Dinar/Politics
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The Central Bank of Iraq, yesterday, the stability of the exchange rate of the Iraqi dinar against the dollar in response to a report by the International Center for Development Studies talked about the “reality flopped in the Iraqi economy,” noting that its reserves of hard currency amounted to 70 billion at the end of 2012, while noting to promote tally Gold of 29.7 tons.

A statement by the bank said that “the report issued by the International Center for Development Studies in Britain on the facts taking place in the Iraqi economy, which a lot of inaccuracies and lack of understanding,” noting that “the bank was able to maintain the stability of the exchange rate of the Iraqi dinar against the dollar officially through auctions conducted by the Bank and by 1166 dinars to the dollar since 2012 until now. ”

the statement added that “the fluctuation in the price of the dinar in the markets was simple and not that great, as mentioned by the center,” explaining that “the Bank data for 2012 indicate that the highest rate of the exchange rate was 1263 dinars to the dollar per month of April, and that the lowest rate amounted to 1,200 dinars for the month of October of the same year. ”

The report issued by the International Center for Development Studies, and position the British capital London, it was revealed in April 2013 that Iraq has lost three billion dollars in two months during the year 2012 as a result laundering funds.

said the Iraqi Central Bank in its statement that “the tally of foreign currency difficult amounted to $ 70 billion for the end of 2012, which represents the Bank’s activities in the composition of its reserves and strengthened as a result the Bank’s policy successful,” pointing out that “the balance of reserves of foreign currency to the Development Fund Iraq (DFI), which represents oil imports, which belong to the Ministry of Finance (the government) amounted to 18 billion dollars by the end of 2012. ”

and the World report that the Iraqi Central Bank announced in August of last year that its reserves of hard currency amounted to 67 billion U.S. dollars, in While the Iraqi government announces that the preventive balances in the Development Fund for Iraq amounted to $ 18 billion. The Central Bank of Iraq that “strengthened its reserves of gold to $ 29.7 tons the end of August 2012, which are the same so far after it was 5.9 tonnes in July 2012, an increase of 23.8 tons,” explaining that “what appeared in the media about the disappearance of ten tons of gold earlier is a shame for a health commercials irresponsible. ” The Central Bank’s reserves of gold has between global status report that he dropped by 20% in less than a year, which fell from nearly 39 tons in 2011 to 31 tons in 2012, while some accuse the central bank’s current presidency is responsible for the disappearance of ten tons of gold reserves, Iraq needs these reserves to enhance the value of the Iraqi dinar in the money markets abroad.

assured the International Center for Development Studies in its report that fact المتخبط and chaos in the Iraqi economy and the spread of financial and administrative corruption requires the existence of transparency in the accounts of Iraqi funds in the Development Fund for Iraq in the bank U.S. Federal, returned this is very important, especially with the loss of billions of dollars of these funds in prior periods and conflicting statements about the size of these funds and reserves that are considered the property of the future generations of the Iraqi people.

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