Iraq’s high cash/gold reserves enhances value of IQD

Posted: September 25, 2013 in Iraqi Dinar/Politics
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Bankers: high cash reserve enhances the value of the dinar

09/25/2013 12:00 AM

confirmed experts and specialists, bankers high cash reserves of the Central Bank is a cover of the Iraqi dinar, enhances the value and gives the amount supreme confidence in the Iraqi market by local investors or foreigners.

comes a day after the Central Bank and the arrival of reserves of foreign currency and gold about $ 80 billion, expected to increase over the coming months.

banking expert and executive director of the Association of private banks in Iraq, Abdul Aziz Hassoun said in a statement (morning): “The arrival of the cash reserve to figure this enhances the value of the Iraqi dinar and ensure that traders do and holders upon trust and power , as he is a cover of a real currency. “said Hassoun that” when you are in Iraq thus guarantees will be provided external actors to cooperate with this country and invest in it, “as it is considered an important indicator, and gives the amount of the top of the confidence in the Iraqi market for traders with dealers and contractors and equipped foreigners.

called expert competent authorities to encourage citizens to save through awareness programs contribute to the definition of Iraqi citizens how to trade and save the dinar, to coincide with the increase in salaries and incomes that are not accompanied by an increase in savings through incentives rewarding urges to keep dinar and do not waste it random spending is not feasible.

It is said that the central bank governor Agency Abdul Basit Turki said in a press statement that the reserves the central bank of foreign exchange and gold has reached about $ 80 billion, pointing out that the increase this financial reserve resulting from the increase in international prices of crude oil, especially that it was at about $ 74 billion in June, expected at the same time that increases the reserve during the next few months in order to increase oil prices, as it depends upon the country in its budget public.

Iraq has the fourth largest oil reserves in the world and relies on 95 percent of its annual budget on oil exports , and currently produces about two million and 900 thousand barrels per day, while the issue up to 2.0002 million barrels per day.

For his part, he saw a member of the Finance Committee parliamentary MP Abdul Hussein al-Yasiri This reserve impact positively on the national economy, which is important in tough times, returned him instrumental to raise the level of the economy, and noted that Iraq is moving toward the countries whose economies are robust.

said Yasiri in a statement to the (morning) that “there is reassurance psychologically in this regard, as it indicates that the economic situation is reassuring, and thus trading and investment would be prudent, as well as that the country would be a good environment to attract investors. ”

said a member of the Commission that there are two factors encourage investment in Iraq, the first exit from Chapter VII, as she was the investment companies aggregated approximately 35-45 percent of the investment, which is called the cost of Iraq, as it was canceled after out of the pain of this chapter, either Group II, it is good assets in central banks in the country, making the arrival of the financial reserve to $ 80 billion, meaning that the Iraqi economy is healthy.

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