Adviser to the CBI told the Baghdad international
By: Bian
On: Sunday 12/26/2010 10:50



: Rising oil prices serves the high value of the Iraqi dinar
News Agency Baghdad International / Ammar Clbp
Adviser said the Iraqi Central Bank the appearance of Mohammed Saleh said that the Iraqi Central Bank reform policies of the exchange market of Iraq, noting that the central bank plans vessels and other long-term strategy is implemented in the future and emphasized in favor of the statement singled out by the news agency the Baghdad international pursuit of the Iraqi Central Bank to increase the capital of banks private and through the integration of these private banks and the 37 banks, indicating the limited activity of these banks as they do not constitute only 10% of the banking activity in Iraq, try adding the central bank to encourage those banks to merge with each other to be large financial institutions strengthen the financial depth and financial intermediation of the country and promote the burdens of development and found that it is in transition and need now directed to the stage of development. Saleh said that the policy of the Central Bank of Iraq's current policy is permissive for the expansion direction that serves development, pointing to a decline in inflation in Iraq, to 3% after that was 37% by the index in the foundation of the Central Bank, pointing out that the main objective of the central bank is to contain the inflation and nappy the stability of the value of the currency, which reflects through the stabilization of prices that is evident through the stabilization of the exchange rate was a result of monetary and economic policy of Iraq in general, pointing out that the current inflation rate in Iraq fell to the level of one decimal after it was tied decimal places, significant that victory added to the achievements of the Central Bank for the success of monetary policy, adding that the Iraqi Central Bank reserves of foreign currency reached a well close to $ 50 billion, adding to seek to increase the value of this reserve as important to Iraq because he is weak in terms of economic diversification as a threat because of the increased opportunities the possibility of their country for economic shake at any given moment, noting that the foundation of others prudent to be weak, pointing out that the reserves in Iraq linked to the general budget of the country, therefore, economic diversification and weak one-sided.
And take the benefit of high oil prices in global markets has a positive effect on the high value of the Iraqi dinar because the reserves at the central bank will increase through revenue entering the country as a result of Iraqi oil exports in the same time, it has a negative impact on the representative of the flow of imported inflation Maystdei re-balancing to maintain economic stability and maintain the proper planning of investments. Saleh pointed out that the central bank and another job is to monitor the issue of money laundering and combating and ports financing of crime and terrorism, noting that all requested by the Central Bank of gripping traders is for the purpose of combating money laundering and that the central bank is not a single window to secure the trade and customs, taxes, refusing to be thrown twice those services to responsibility of the Central Bank, showing Bank collaborated with all these departments and others, stressing the need for Iraqi institutions for this cooperation to be built properly. On the possibility of helping the central bank to the government in securing the funds deficit budget in 2011 if what happened and it was this thing in public budgets earlier, Saleh revealed this happen, in the 2010 budget and to ensure the central bank an amount of 6.4 trillion Iraqi dinars to pay for oil contracts for by bringing remittances Alkhozinip reserve legal (mandatory) for banks by the Central Bank of Iraq, pointing out that this reserve is money taken from the banks of the proportion was 20% deposit have been reduced at the present time to 15% have a deposit reserve with the Central Bank of Iraq has been accepted Khawwalat allowance money to provide liquidity to banks to make fun of the public budget, it returned a great achievement. The benefit of Iraq's acquisition by the Central Bank through the recent agreement of the Ministry of Finance of Iraq on loan from the IMF amounted to 3.7 billion dollars has been received, of which $ 1,2 billion and the rest of it will be collected in the next phase

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