A significant increase in Iraq’s proven reserves of hard currency

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Iraqi Central Bank announced recently an increase in the size of its reserves of foreign currency hard reaching out to more than $ 50 billion, up until the end of the first half of the year 2010 a minimum of $ 41 billion.

Advisor to the Bank the appearance of Mohammed Salih said in an interview with Radio Free Iraq that this increase is attributable to rising world oil prices during the second half of this year, as reflected positively on the bank reserves of foreign currency, and added that the rise in reserves would, of course, to increase the strength of the Iraqi currency and fortify against the imbalances that may occur to oil prices or the balance of payments of Iraq, “which is in the best end up in favor of the prosperity of the economy in general.”

He also noted the benefit to that the demand by Iraq during the next few years to expand in the area of investments and to increase oil sales of oil, “Seugb initiate the process of reforming the current system of currency management in the country by replacing the cash block large-sized ones are smaller and more robust and reliable,” as described .

The number of Iraqi economists, for their part stressed that increasing the size of the Iraqi Central Bank’s reserves of hard currency will not be reflected directly on the local economy as much as reflection on the strength of the local currency. In this regard, the economic expert, Dr. Abdul Rahman al-Mashhadani to increase the strength of the currency “will increase to trust foreign and local investors by an increase in the attractions of investment in Iraq.”

For his part, considered the economic expert, Dr. Salim al-Jubouri that the high volume of central bank reserves of foreign currency “and despite its advantages” would not be a reflection of the required positive on the economy of Iraq in “the absence of a clear mechanism to exploit this increase in the development process not to mention the absence of the strategy needed to tackle the problem of debt owed by Iraq, which are almost chronic. “

http://www.iraqdirectory.com/en/default.asp

[Randy Lucas]

Thank You for the Post!

[katscountry]

Iraqi Central Bank announced recently an increase in the size of its reserves of foreign currency hard reaching out to more than $ 50 billion, up until the end of the first half of the year 2010 a minimum of $ 41 billion.

Advisor to the Bank the appearance of Mohammed Salih said in an interview with Radio Free Iraq that this increase is attributable to rising world oil prices during the second half of this year, as reflected positively on the bank reserves of foreign currency, and added that the rise in reserves would, of course, to increase the strength of the Iraqi currency and fortify against the imbalances that may occur to oil prices or the balance of payments of Iraq, “which is in the best end up in favor of the prosperity of the economy in general.”

He also noted the benefit to that the demand by Iraq during the next few years to expand in the area of investments and to increase oil sales of oil, “Seugb initiate the process of reforming the current system of currency management in the country by replacing the cash block large-sized ones are smaller and more robust and reliable,” as described .

The number of Iraqi economists, for their part stressed that increasing the size of the Iraqi Central Bank’s reserves of hard currency will not be reflected directly on the local economy as much as reflection on the strength of the local currency. In this regard, the economic expert, Dr. Abdul Rahman al-Mashhadani to increase the strength of the currency “will increase to trust foreign and local investors by an increase in the attractions of investment in Iraq.”

For his part, considered the economic expert, Dr. Salim al-Jubouri that the high volume of central bank reserves of foreign currency “and despite its advantages” would not be a reflection of the required positive on the economy of Iraq in “the absence of a clear mechanism to exploit this increase in the development process not to mention the absence of the strategy needed to tackle the problem of debt owed by Iraq, which are almost chronic. “

http://www.iraqdirectory.com/en/default.asp

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