CBI says hard cash reserves more than 60 billion

[BBalls]

Hard cash reserves ‘more than $60 billion,’ says Iraqi Central Bank

By Khayoun Saleh

Azzaman, February 2, 2012

The coffers of the central bank brim with hard cash from the country’s oil sales, a senior bank official said.

The official, Mudher Saleh, a bank’s consultant, said the country’s hard cash reserves “are more than $60 billion” and are more than enough to cover for the total vlume of national currency currently in circulation.

“The Central Bank’s reserves go beyond $60 billion and are the highest in the country’s history,” Saleh said.

Saleh made the remarks following a surge in demand for the greenback, fueled mainly by sanctions on neighboring Syria and Iran.

Iraqi traders are reported to be cashing in on trade with both countries as demand for Iraq-bound commodities has surged recently.

Nonetheless, Saleh said the Central Bank was determined to meet demand for dollars and was aware at the same time of the fact that the surge was mainly due to international restrictions on trade on the two countries.

He said the bank’s massive reserves have strengthened the national currency, the dinar, and that external trade with the dinar as the currency of choice was on the increase.

Saleh said the bank had no problems selling dollars in return for dinars. This preparedness, he said, has boosted confidence in the local currency.

Trade flow between Iraq on the one hand and Iran and Syria on the other has skyrocketed recently.

Iraq is the destination for Iranian and Syrian goods while the two countries meet part of their demand for sanctioned goods through Iraq.

The Central Bank holds a daily auction of hard cash in which on average $200-250 million dollars are exchanged for dinars every day.

http://www.azzaman.com/english/index.asp?fname=news\2012-02-02\kurd.htm

[redsand]

Hard cash reserves ‘more than $60 billion,’ says Iraqi Central Bank

By Khayoun Saleh

Azzaman, February 2, 2012

The coffers of the central bank brim with hard cash from the country’s oil sales, a senior bank official said.

The official, Mudher Saleh, a bank’s consultant, said the country’s hard cash reserves “are more than $60 billion” and are more than enough to cover for the total vlume of national currency currently in circulation.

“The Central Bank’s reserves go beyond $60 billion and are the highest in the country’s history,” Saleh said.

Saleh made the remarks following a surge in demand for the greenback, fueled mainly by sanctions on neighboring Syria and Iran.

Iraqi traders are reported to be cashing in on trade with both countries as demand for Iraq-bound commodities has surged recently.

Nonetheless, Saleh said the Central Bank was determined to meet demand for dollars and was aware at the same time of the fact that the surge was mainly due to international restrictions on trade on the two countries.

He said the bank’s massive reserves have strengthened the national currency, the dinar, and that external trade with the dinar as the currency of choice was on the increase.

Saleh said the bank had no problems selling dollars in return for dinars. This preparedness, he said, has boosted confidence in the local currency.

Trade flow between Iraq on the one hand and Iran and Syria on the other has skyrocketed recently.

Iraq is the destination for Iranian and Syrian goods while the two countries meet part of their demand for sanctioned goods through Iraq.

The Central Bank holds a daily auction of hard cash in which on average $200-250 million dollars are exchanged for dinars every day.

http://www.azzaman.com/english/index.asp?fname=news\2012-02-02\kurd.htm

Well thats self-explanatory! What we need to hear.

Its the last paragraph isn't true anymore...I guess this guy wrote it 3 days ago.

[marknet73]

Sounds like it has nowhere to go but up!

[colts469]

Sounds like it has nowhere to go but up!

thats what she said