Deputy: the government withdrew more than $ 30 billion in Central Bank reserves

[yota691]

 

U.S. dollar

Central: The dollar fell a natural reserve and we have enough to import a long time

 

Author: AB, ASJ, HH 
Editor: AB, HH 04.10.2016 13:22 Number ofViews: 91 

 

 

Long-Presse / Baghdad

Counting the Iraqi Central Bank on Tuesday reduced its reserves from the dollar, "a natural phenomenon" due to lower selling prices, and stressed that this decrease was "vain" and achieved "very important" economic purposes, social, and as pointed out that the current reserves "are sufficient to cover currency exporting and imports for a long time, "pointed out that to avoid falling is by avoiding the deficit in the public budget.

The governor of the central bank on the Keywords in an interview (range Press), "The decline in central bank reserves is a natural because of the fall in oil prices worldwide phenomenon, what impact directly on Iraq's financial revenues," returned to "the bank's policies were wise and were based on a balance required between maintaining the desired stability in the exchange rate of the hand, and meet the needs of imports by the private sector on the other. "

He Keywords that "the decline of these reserves did not go in vain and it has achieved a very important economic purposes, social, and not, as some believe that he went without a little help," adding that "the reserves are still good enough to cover the exporting currency and imports for a period of six months exceeds a limit the minimum required, according to the global financial indicators. "

Keywords and continued, that "to avoid low reserve is by avoiding the public budget deficit and large amounts."

The governor of the central bank on the Keywords confirmed, in the (11 September 2016), the International Monetary Fund's "surprised" that Iraq's reserves of foreign currency exceeded expectations by about ten billion dollars.

The Central Bank of Iraq's refusal, during (the month of January 2016), the government has directed withdrawal of financial reserves, and stressed that the law does not allow the government to draw from the hard currency reserves, while calling on the government to issue bonds and sell them to banks.

[yota691]

Iraq announces decline in foreign exchange reserves to $ 50 billion

 

Date: 10/05/2016 13:17

 | Visits: 136

 

 

Information / Baghdad ..

The Governor of the Central Bank on the Keywords, on Wednesday, for the decline in foreign exchange reserves in Iraq to 50 billion dollars, with the continuation of the face of a member of the Organization of Petroleum Exporting Countries Country (OPEC) to a deficit in the budget because of falling oil revenues.

Official newspaper "Sabah" Keywords quoted as saying that Iraq's foreign exchange reserves fell to $ 50 billion.

And it reached the foreign exchange reserves of Iraq's $ 59 billion at the end of October 2015, according to a memorandum of government directed the International Monetary Fund in January.

Announced Prime Minister Haider al-Abadi on Tuesday plans to reduce the budget deficit by 38 percent next year through spending cuts and increased levels of oil exports and high oil prices. Iraqi estimates are based on the expectations of higher oil prices in the future. Finished / 25 p.

[nannab]

Good morning Yota, DV

[yota691]

Reduced Iraq's foreign exchange reserves

 

 

Wednesday 05-10-2016 | 2:14:20

 

 

 

 

H d

Twilight News / Iraqi government Sabah newspaper Wednesday quoted the central bank governor on the Keywords saying that the country's foreign exchange reserves fell to $ 50 billion with the continuation of the face of a budget deficit because of falling oil revenues.

And it reached the foreign exchange reserves of Iraq's $ 59 billion at the end of October / October 2015, according to a memorandum of government directed the International Monetary Fund in January.

[SocalDinar]

And another

Thanks Yota

Lower Oil Income Cuts Out US$9B From Iraq’s Forex Reserves

By Irina Slav - Oct 05, 2016, 9:53 AM CDT

Persistently low oil prices have wiped out US$9 billion from Iraq’s foreign exchange reserves over the past 12 months. The current figure is US$50 billion, Iraqi media reported, quoting central bank chief Ali al-Alak.

One of OPEC’s biggest producers has been sweating it under the combined load of the war against the Islamic State and the oil price rout, which saddled it with a budget deficit estimate for this year of around US$25.81 billion. Prime Minister Haider al-Abadi said yesterday that this figure should shrink by 38 percent in 2017 thanks to a combination of public spending cuts and higher oil exports.

Earlier this year, Baghdad agreed a lifeline of US$5.4 billion with the IMF, to fund its war effort and plug the lingering budget hole until oil prices recover. The three-year loan, like all IMF loans, envisages some spending cuts that were bound to be unpopular in an economy that is already running on fumes.

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Luckily for Iraq, since the loan was agreed upon in May, oil prices have rebounded somewhat—but not enough. The country is ramping up its output anyway, in a bid to raise its exports, which are the single vital contributor to the public coffers. This is a double-edged sword, however, as more output means lower prices, but Iraq has no real alternative within its reach.

Last month, according to a Reuters survey, Iraq marketed 4.43 million bpd, after it struck a deal with the Kurdistan Autonomous Government to restart shipments from Kirkuk. This boosted OPEC’s overall to 33.6 million bpd.

In this environment, the preliminary agreement on a production cap came just in time, but Iraq, plagued by its continuing money problems, was quick to voice doubts about the manner in which OPEC members’ individual output quotas will be agreed. Such doubts, if they spread across other members of the organization, could shatter the prospects of a freeze.

http://oilprice.com/Latest-Energy-News/World-News/Lower-Oil-Income-Cuts-Out-US9B-From-Iraqs-Forex-Reserves.html

[yota691]

Parliament warning of the collapse of the Iraqi economy because of the cash reserve disorders

By Roudao one hour ago

Parliament warning of the collapse of the Iraqi economy because of the cash reserve disorders

Roudao - Arbil 

warned the Finance Committee in the Iraqi Parliament member, on Friday, from the collapse of the Iraqi economy as a result of the financial turmoil resulting from the decline in the cash reserve of foreign at the CBI currency. 

The Iraqi Central Bank announced last Wednesday, decrease in reserves of foreign currency to 50 billion dollars in four months after it was 53 in June last billion dollars.  

recorded the Iraqi dinar exchange rates, on Thursday, a big drop against the dollar in trading stocks Iraqi Finance banking amounted to 1331 dinars to the dollar after it was over more than a year stable for (1230-1290) dinars to the dollar.  

he said Sirhan Ahmed member of the Finance Committee in the Iraqi parliament, said that " the decline of the dinar in the markets against foreign currency is linked to the announcement of the Central Bank of Iraq , the low financial reserves of foreign currency , " stressing that " the dinar will continue to drop against the dollar in the absence of the development of urgent solutions. "  

Ahmed added that" the government quickly ask to borrow from the IMF and other global banks , fund, and maintain foreign currency reserves in the Central Bank of Iraq , "warning" the collapse of the Iraqi dinar and the deterioration of the economy if action is not taken fast by the government. "  

The Iraq faces an economic crisis forced him to reduce the size of the financial budget as a result of the drop in oil prices to below $ 40 per barrel, and start a policy of austerity within the annual federal budget. 

[nannab]

Good morning Yota & DV

[Wiljor]

Nope, ain't buying it, 50 billion in cash reserves and tons of gold, major foreign investment taking hold,  new reforms on the threshold of reality. Me thinks this is part of the disinformation plan and scare tactics to bring in the "chunky money" 

Nothing new here folks 

[Theseus]

They need to form a committee to form a committee to make sure the first committee formed a committee and another committee needs to be formed to determine if the second committee has been formed  then another committee needs to be formed so that all committees are on the same page as the next committee to be formed that will soon take care of an rv but before that happens a committee needs to be formed so that the committee doing the job conforms to the wishes of the committee that was just formed. Lost? Good! 

For a hamburger today, I will gladly pay you back on the second tuesday of next week.

Edited October 7, 2016 by Theseus

[jcfrag]

On 9/4/2016 at 7:01 AM, Bama Girl said:

"he held Maliki 's central bank" responsibility for this corruption and waste of the people 's wealth exciting way to suspicions managed through corrupt drain the domestic economy , "warning" to take punitive action in the interrogation and to hold accountable those responsible for this negligence and negligence in the event of failure to take swift action to stop it. "

 

Why is the Central Bank still under control of "Maliki"? His minions should have been long gone since they are all known as crooks. Maybe they are referring to past deeds in the CBI, but this translation sounds as though they are speaking of the current situation. Comments anyone?? 

When Maliki was in charge he tried to have Shabs arrested and ran him off so no one was there to say no to him. Sounds like the CBI is still reeling from all of the mismanagement during Maliki's rule. But with all of the countries, World Bank, and IMF trying to help them out, they better get busy fixing this crap and stop whining...😡

Either this is Maliki's camp reporting this noise or the banks really need to put on the big boy pants and just fix it....😐

Edited October 7, 2016 by jcfrag

[Bama Girl]

4 hours ago, jcfrag said:

When Maliki was in charge he tried to have Shabs arrested and ran him off so no one was there to say no to him. Sounds like the CBI is still reeling from all of the mismanagement during Maliki's rule. But with all of the countries, World Bank, and IMF trying to help them out, they better get busy fixing this crap and stop whining...😡

Either this is Maliki's camp reporting this noise or the banks really need to put on the big boy pants and just fix it....😐

Good thinking, jcfrag. Thanks. When I read the article, common sense left me as it does anytime I read about Maliki being above ground. Grrrrrr 😏 😌

[ChuckFinley]

Love reading these articles about Iraq Golding up.  Heavy smoke all over the place. 

[yota691]

Parliamentary Economy: Central auction and the withdrawal of the government to cover behind the decline in the cash reserve expenses

09/10/2016

 

 

BAGHDAD / JD / .. blamed for economic and investment commission in Parliament, the government and the central bank responsible for declining cash reserves of hard currency to $ 50 billion.

A member of the committee MP Harith Al-Harthy told / KD / hired by the government Balaanaat cash foreign currency and withdrew some money to cover some expenses, due to poor liquidity and the need for Iraq to buy weapons and more.

He added that the issue of central bank auction is still a difficult and thorny because the benefit of the very few banking companies, there are importers semi-legitimate frameworks, particularly in the federations of chambers of commerce trying to acquire a bigger stake in the auction, plus there are manipulated currencies and this is a major cause, all this has led to decline monetary reserves to $ 50 billion, calling on the central bank governor to explain why such a large decline. "

The central bank announced earlier decline Central Bank reserves to $ 50 billion while he was a reservist two years ago about 76 billion Dolar.anthy / 8 /

 

[Candy01]

On 10/7/2016 at 7:18 PM, Bama Girl said:

Good thinking, jcfrag. Thanks. When I read the article, common sense left me as it does anytime I read about Maliki being above ground. Grrrrrr 😏 😌

A-FRICKING AMEN Bama Girl!  I react the SAME way!!!

[Big_J]

[yota691]

Iraq: 50 billion dollars foreign reserves

 

 

BAGHDAD - Reuters quoted Iraqi government Sabah newspaper the central bank governor on theKeywords saying that his country's foreign exchange reserves fell to $ 50 billion with the continuation of the face of a member of the Organization of Petroleum Exporting Countries Country (OPEC) to a deficit in the budget because of falling oil revenues.

And it reached the foreign exchange reserves of Iraq's $ 59 billion at the end of October 2015, according to a memorandum of government directed the International Monetary Fund in January. Announced Prime Minister Haider al-Abadi Tuesday plans to reduce the budget deficit by 38% next year through spending cuts and increased levels of oil exports and high oil prices. Iraqi estimates are based on the expectations of higher oil prices in the future.

 

[yota691]

Tuesday, November 15, 2016 16:34

Parliamentary Economy: Iraq reserves drop to $ 43 billion due to corruption of the auction currency

 

 

 

 

 

BAGHDAD / Baghdadi Uz..okdt Parliamentary Committee on Economy and Investment, on Tuesday, Iraq's low reserves of hard currency to $ 43 billion as a result of the auction of the currency, noting that the need to stop the auction of the currency.

 

The committee member said Abdul Salam al-Maliki, in an interview with / Baghdadi News / "Iraq has reserves of hard currency in the Central Bank fell to $ 43 billion, as a result of the continued draining of Iraq's money in an auction sale of the currency," noting that "the central bank sells at auction a month nearly six billion dollars in return oil imports is not up to that amount. "

"The auction of the currency has become a window for corruption and money laundering by agreement between the state and civil banks and corrupt staff in the central", stressing that "most of the money laundering and bleaching operations are in the bank under political cover."

And between Maliki said that "employees of the central bank deliberately Exchange volatile instruments and clips delay to international banks to deal with the Iraqi government, to keep money in the bank and turn it into a private transfer Bmtnfven companies in return for large commissions," pointing out that "a lot of international banks refrained from dealing with the bank Central, because of this case. "

Maliki pointed to "the need to stop the auction currency and waste of public money, because the continuation of the auction will lead to a reset of the Iraqi reserves," calling to "determine the specific amount has no effect on the Iraqi Reserve" .anthy 21 / d is being sold every day

[yota691]

article here is two days old...

14-11-2016 03:56 PM

Lower third of central bank sales of the dollar during the year

 

 

 

According to statistics of the Central Bank of Iraq, the sale of the bank more than $ 27 billion in the auction for the sale of foreign currency since the beginning of this year 2016, and up on Sunday. 

According to statistics , according to the website of the bank that ' the quantity sold to banks from the date of January 2016 3rd to yesterday 913 this November, amounted to 27 billion, 921 million, 177 thousand, and $ 867. ' 

recorded these sales significant decrease for the same period last year, reaching from the date of 04.01.2015 and up to November 13 of the same year , 37 billion and 653 million and 615 Alpha and $ 389, a decrease of about $ 10 billion. 

sells CBI, in a weekly auction except public holidays amounts of dollar exceed often the barrier of $ 100 million, to banks and companies remittance. 

the face of the bank, licensed banks and money transfer companies and broker to sell and purchase of foreign currencies all reduce the amount of the sale of foreign of the US dollar currency for those wishing to travel outside the country. 

the bank set for these entities 'sale amount of 3000 dollars instead of five thousand dollars for citizens wishing to obtain a dollar to cover their expenses abroad.' 

revealed a senior official at the bank CBI, about the size of the currency amount of foreign bank reserves. 

the general director of banking and credit control in the Central Bank Ihsan Shomran Yasiri, in a televised statement, last September, that the 'cash reserves of the bank 's foreign currency of up to $ 50 billion , which is quite normal No. with the country in the past three years a large deficit in the state ' , stressing that these foreign reserves are , according to the international Monetary Fund on the safe side'. 

he said specialists issues judges of money laundering that 'millions of dollars were smuggled out of the country by traders and bankers and fictitious companies and money transfer benefiting from currency auction sale of the Central Bank of Iraq. "

[chinadawg]

more talk of stopping the corrupt auctions....I LIKE.

[unirod]

While the CBI reserves have dropped. Amazingly the State Banks and now the private Banks are either fully rehabilitated financially or are near it. And we are talking $Billions unaccounted for. A coincidence? I think not, and yet the public is told that there is a laundering mafia using the auctions and counterfeiting groups etc. The Banks along with the CBI are the true Mafias.....IMO

[unirod]

Oh yes and now the monopolists and currency speculators are getting the heat!

[SnowGlobe7]

...and where is Maliki??

[yota691]

Central banks sales decline compared with last year to $ 10 billion

 

Thursday November 17 2016 13:46

 

 

 

 

 

 

Alsumaria News / Baghdad , said the Iraqi Central Bank, on Thursday, lower sales for the banks compared to last year to nearly $ 10 billion.  The bank said in a statement Alsumaria News received a copy of " The sales of the dollar banks reached since the beginning of this year until today 's 28 billion and 619 608 000 and $ 585."  The bank said that "this amount is reduced from what it was on the same date last year in 2015 in which sales were 38 billion and 766 892 000, and $ 231 , " he said , adding that " the sale of the amounts transferred to the accounts of banks abroad and cash is 1190 dinars per dollar rate ".       The governor of the central bank on the Keywords announced on the third of March 2015 that "the new regulations set by the bank is that the auction is no longer a daily window for operations for the sale of currency auctions," adding that "new mechanisms developed to sell this currency, especially that of its functions to provide currency for trade Foreign Affairs.

[yota691]

Parliamentary Finance: dwindling cash reserves natural state

 

 

Economy News / special Parliamentary Finance Committee promised that the decrease in the cash reserve of foreign currency for Iraq is a normal condition, calling for the activation of other sectors generating dollars. The committee member said Hama Rashid Ahmed said in an interview "of the economy News", that the judge of the Iraqi state procedures to withdraw funds from the country's financial reserves deposited at the central bank can not be carried out at random because it would hurt the country dramatically. Rashid added that the withdrawal of funds from the cash reserves of the Central Bank is to cover expenses that are made through a window and sell the currency, which covers recent imports significantly. Rasheed He continued that the local economy is suffering from many crises in the presence of rampant corruption state institutions of a deterrent countries, as well as costly war expenses, and that the current crisis solutions can not overcome external borrowing, or the withdrawal of financial deposits unless it is to support the productive sectors and operating sector agricultural and industrial. And it emphasizes local indicators of the decline of the Iraqi financial reserve of $ 86 billion to $ 47 billion.  AJ
5913   No. Content 24/11/2016 - 11:56   Last updated 23/11/2016 - 22:32   Date Added 71Views

[yota691]

The central bank reduced banks' sales of around $ 11 billion compared to last year

 

Saturday 10 December 2016 12:16

 

 

 

 

Alsumaria News / Baghdad  , said the Iraqi Central Bank , Saturday, lower sales to banks about $ 11 billion compared to last year.  The bank said in a statement Alsumaria News received a copy of it, that "sales of the dollar banks reached since the beginning of this year until today 's 30 billion and 880 028 032 dollars."  The bank said that sales "declined from what it was on the same date last year in 2015 in which sales reached 41 billion and 833 293 000, and 902."         The bank noted that " the sale of the amounts transferred to accounts in banks abroad , and cash is 1190 dinars per dollar rate."  The governor of the central bank on the Keywords announced on the third of March 2015, that the new guidelines set by the bank is that the auction is no longer a daily window for operations for the sale of currency auctions, noting that the new mechanisms developed to sell this currency, especially that of its functions to provide currency for foreign trade.