CBI: Gold and Currency Reserves Reach $80 Billion

Posted: September 24, 2013 in Iraqi Dinar/Politics
Tags: , , , , , , ,

Central bank: the increase in oil prices raised our reserves of foreign currencies and gold to $ 80 billion

09/22/2013 19:24

Range Press / Baghdad
Iraqi Central Bank revealed on Sunday, the arrival of foreign currency reserves and gold to about $ 80 billion, while attributed to an increase in global oil prices, the reserve expected to increase over the coming months.

The central bank governor said the agency, Abdul Basit Turki, said in an interview to (range Press), said that “reserves the central bank of hard currency, كالدولار, as well as gold, reached about 80 billion dollars,” noting that “the increase in the reserve, which was until last June of about $ 74 billion, due to an increase in global oil prices. “

Turkish predicted that “over the reserve over the next few months due to the increase in oil prices, which depends upon Iraq by about a large budget and reflected alone on returns.”

He was Chairman of the Supervisory Board of Finance and the Governor of the Central Bank and Agency, Abdul Basit Turki al-Sabri, said in (third from July 2013), that the bank reserves of foreign currencies and gold, totaled $ 76 billion in May 2013.

The International Monetary Fund, announced in (the 23 of March 2013), that funds preventive in the Development Fund for Iraq rose in 2012 to $ 18 billion, and cash reserves of the Central Bank of hard currency to $ 70 billion, attributing the rise to the “revenue unexpected oil. ”

The U.S. development agency predicted in the (third from last December 2012), that leads the Iraqi economy Arab countries within five years, stressing that Iraq possessed all the qualifications to be “an economically powerful state.”

Iraq is trying for years to attract foreign capital to develop its economy in the fields of industry especially oil, including housing and oil and gas extraction, for the need of funds for infrastructure development and reconstruction, but observers assert that the lack of interest of the state to the private sector and the absence of investment laws which guarantees for investors and the absence of Other laws are still obstacles to the evolution of the economy in the form required.

Iraq relies which has the fourth largest oil reserves in the world at 95 percent of its annual budget on its oil exports, and currently produces about two million and 900 thousand barrels per day, while the issue up to two million and 200 thousand barrels per day.

Financial experts say that Iraq’s stockpile of money liquidity has covered over the past years, demanding the government to adopt alternative ways to cover the deficit, including recourse to the application of secondary-market policies that have been agreed upon with the government.

The former central bank governor, Sinan al-Shabibi, had refused the middle of last year, 2009, asked the government to borrow from the Reserve Bank’s funds to meet the shortfall in the budget, saying that the move “illegal and a violation of the independence of the bank.”

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