CBI Governor: Bank reserves exceed 80 billion dollars by the end of July 2013

Posted by on Oct 27, 2013 | Leave a Comment

06/13/2013 – 15:11

The Central Bank Governor agency Abdul Basit Turki, the bank reserves will exceed $ 80 billion at the end of next July, indicating that there is a review of the development of mechanisms to use for this reserve bank, regardless of the existence of the current government or not for specific purposes.

Turki said the program “brackets” which aired on “Alsumaria”, “The Central Bank reserves now of money and gold exceeded $ 75 billion,” he said, adding that “the Bank reserves will exceed $ 80 billion by the end of next July.”

Turki added that “bank reserves with the end of the year 2013 will exceed this figure much,” pointing out that “Iraq’s gold reserves managed by the Bank for International Settlements in Switzerland.”

The central bank governor that “under current law, the bank can not contribute one dollar in support of the government,” adding that “there is a review of the development of mechanisms to use the bank to the reserve, regardless of the existence of the current government or not for specific purposes.”

A banking source was early in the detector (11 May 2013), that the size of the Iraqi Central Bank reserves of foreign currency amounted to $ 74 billion, noting that it is the highest achieved by the bank reserves in the country’s history.

It is noteworthy that the central bank refused, (the fifth of May 2009), the government’s efforts to borrow from the Reserve Bank’s funds to meet the shortfall in the budget, arguing that such a step contrary to the law and a violation of the independence of the bank.

It is noteworthy that the central bank adviser appearance of Mohammed Saleh confirmed, in May 2009, that Iraq’s stockpile of money liquidity has covered over the years, and so is out of the financial power of the government. Calling for the adoption of alternative ways to cover the deficit, including recourse to the application of secondary-market policies that have been agreed upon with the government.

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