Central Bank announces increase its reserves of hard currency to the $ 58 billion

[trooper]

Central Bank announces increase its reserves of hard currency to the $ 58 billion

Author: HM

Editor: CC

Saturday 03 September 2011 11:10 GMT

Advisor to the Governor Central Bank of Iraq the appearance of Mohammed Saleh

Alsumaria News / Baghdad

Central Bank of Iraq, Saturday, the high foreign currency reserves to $ 58 billion, attributing the increased demand for foreign currencies by the Iraqi banks and the lack of offers to rent the economy of Iraq.

The adviser said the Iraqi Central Bank Governor appearance of Mohammed in an interview for "Alsumaria News", the central bank's reserves of foreign currency amounted to $ 58 billion after the $ 50 billion at the end of last year, 2010, "noting that" the Bank was able during the period the last trade finance to the private sector and to maintain market stability and curb high inflation that existed during the periods of years. "

Saleh pointed out that "increased demand for foreign currencies by the Iraqi banks and the lack of offers for foreign currency in daily auction conducted by the Iraqi Central Bank of Iraq's economy back rent, which depends on oil imports in the general budget."

Saleh said that "the State offers foreign currency to the Central Bank of Iraq to finance its expenditures in Iraqi dinars to the Central Bank, in turn, to meet the market need of foreign currency," noting that "the State is that supply of foreign currency, while the market is a student of foreign currency to cover the financing of foreign trade."

Saleh pointed out that "Iraq does not receive external financial flows because the Iraqis do not send workers abroad, the financial savings to the country, in addition to the absence of large foreign investment companies operating in Iraq."

Iraq relies on oil exports for more than 90% of its income and is currently exported more than two million barrels per day of crude oil, and signed the Ministry of oil service contracts with international oil companies to develop oil fields, and is expected to achieve additional revenues worth $ 200 billion annually over the next six years .

The central bank held the Iraqi daily sessions for the sale and purchase of foreign currency with the participation of Iraqi banks, with the exception of public holidays by the World Bank depends on these auctions, sales are either cash or the form of remittances to the sold abroad in return for a certain commission.

http://www.alsumarianews.com/ar/3/27233/news-details-Iraq%20business%20news.html

[Alex38]

Good article!

[Nelson0528]

progress, progress, progress... marching straight to the finish line.... left, right, left, right, left, right...

[odogtriever]

I like the part that says "additional revenues worth $ 200 billion annually over the next six years" .

Were getting closer folks! GO RV!!!!!!!

[abutchbaker]

Let's see what happens nothing good comes out of Iraq.............

[DayTrader]

Let's see what happens nothing good comes out of Iraq.............

I bet you're a blast at parties. I guess you could keep the glasses full of ice. So Says...............DayTrader

[zigmeister]

I bet you're a blast at parties. I guess you could keep the glasses full of ice. So Says...............DayTrader

[dacraigo]

Agreed!!!!!

[Nelson0528]

Some see sour grapes.... I see wine....

[Shick]

This is the making of something wonderful, too hot to the touch. May the speed of God rain down on progress.

[^theStig]

this doesnt include the dfi funds right?

[countryroads]

I have long ago stopped listening to naysayers. Sorry naysayers but I have a life to live.

[zigmeister]

I have long ago stopped listening to naysayers. Sorry naysayers but I have a life to live.

Naysayers always make me more determined.

[Nelson0528]

They just make me... more wine...

[keepmwlknfny]

Now these are the articles we need to be seeing......The reserves going UP!!! The more they build the reserves, the higher exchange rate they can back.....

And this would pretty much put to bed the whole rumor about having 250 billion in reserves now since the DFI was released....

[20MillionDinar]

Now these are the articles we need to be seeing......The reserves going UP!!! The more they build the reserves, the higher exchange rate they can back.....

And this would pretty much put to bed the whole rumor about having 250 billion in reserves now since the DFI was released....

You're right Keep.

Increased Reserves = Higher Rate

Wonder what ever happened to the DFI funds that were released...?

[keepmwlknfny]

You're right Keep.

Increased Reserves = Higher Rate

Wonder what ever happened to the DFI funds that were released...?

Well there were articles talking about Iraq spreading the billions across private accounts in Europe and mostly the US to protect the money from any claims....

According to more reliable sources, there was only about 15 billion in actual currency, but we cant be sure of what hard assets were included as they did state the records were not updated as should be so they are not fully accurate....

Havent seen any evidence of tons of actual money released to them from the DFI....I think the 250 billion number could have been a total accumulated or could have been funds and assets put together....Cant be 100% sure but it seems we know where it DIDNT go lol....

[20MillionDinar]

Well there were articles talking about Iraq spreading the billions across private accounts in Europe and mostly the US to protect the money from any claims....

According to more reliable sources, there was only about 15 billion in actual currency, but we cant be sure of what hard assets were included as they did state the records were not updated as should be so they are not fully accurate....

Havent seen any evidence of tons of actual money released to them from the DFI....I think the 250 billion number could have been a total accumulated or could have been funds and assets put together....Cant be 100% sure but it seems we know where it DIDNT go lol....

Gotcha. It definitely isn't in reserves if they just stated total of $58 Billion. I didn't read the entire original article but where did the additional $8 billion come from?

[keepmwlknfny]

Gotcha. It definitely isn't in reserves if they just stated total of $58 Billion. I didn't read the entire original article but where did the additional $8 billion come from?

Thats what I would like to know.....I mean I guess in all reality it COULD have come from some of the DFI funds.....

Although Im sure there is no way to prove it or find a paper trail lol....

It is odd and makes me curious where they got it but its also not specific enough to really know over how long of a period it took to add the additional 8 billion....

Whatever the case may be, they need to keep doing it!! Its muy importante!!!

[zigmeister]

Thats what I would like to know.....I mean I guess in all reality it COULD have come from some of the DFI funds.....

Although Im sure there is no way to prove it or find a paper trail lol....

It is odd and makes me curious where they got it but its also not specific enough to really know over how long of a period it took to add the additional 8 billion....

Whatever the case may be, they need to keep doing it!! Its muy importante!!!

Keep we are not their accountants, we have no clue what they have or not have. Who knows maybe they can pull feathers out of their butts like the US...but hey let's see some more feathers and a RV! Its saturday why not?