Global report criticizes Central Bank described the Iraq economy "the flounder"

Global report criticizes Central Bank described the Iraq economy "the flounder"

30-07-2013-16: 14| Source:




Alsumaria news/Baghdad

The Central Bank of Iraq, said Tuesday the stability of the exchange rate of the Iraqi dinar against the dollar in response to the report of the Global Center for development studies talked about "the reality of the Iraqi economy flopped", indicating that foreign exchange reserves reached 70 billion dollars at the end of 2012, with the strengthening of its gold to 18.5 tonnes.

The Bank said in a statement received "alsumaria news", "report of the International Center for development studies in Britain on the facts the Iraqi economy a lot of inaccuracies and misunderstanding," Noting that "the Bank managed to maintain the stability of the exchange rate of the Iraqi dinar against the dollar officially through the auction conducted by the World Bank and 1166 dinars per dollar from 2012 until now."

"The volatility in the price of the dinar in markets was simple and not that big as Center," the World Bank's data indicate that the highest rate of exchange rate reached 1263 dinars to the dollar in April, the lowest rate of 1,200 dinars for the month of October of the same year.

The report by the Global Center for development studies, and focused London, revealed in April 2013 that Iraq lost three billion dollars in two months in 2012 as a result of money laundering.

The CBI said in its statement that "the balance of hard foreign currency reached 70 billion dollars for the end of 2012, which represents the Bank's activities and strengthening of reserves as a result of configuration policy successful", noting that "reserves of foreign currency to the Development Fund for Iraq (DFI), which represents oil imports due to the Ministry of Finance (Government) amounted to $ 18 billion by the end of 2012.

The global report that the Central Bank of Iraq announced in August of last year that foreign exchange reserves reached 67 billion dollars, while the Iraqi Government declares that preventive stocks in the Development Fund for Iraq amounted to $ 18 billion.

The CBI said that it "has strengthened its reserves of gold, reaching 29.7 tonnes end of August 2012, and the same until now while 5.9 tons in July 2012, an increase of 23.8 tons, adding that media reports about the disappearance of ten tons of gold earlier is a disgrace and is irresponsible" commercials.

As the Central Bank's gold reserves, the report of the world declined by 20% in less than a year, down from nearly 39 tons in 2011 to 31 tons in the year 2012, while others accuse the Presidency of the current Central Bank responsibility for the disappearance of 10 tons of gold reserves, Iraq needs to those reserves to enhance the value of the Iraqi dinar in money markets abroad.

And the Global Center for development studies that actually the flounder and the chaos in the Iraqi economy and the spread of financial and administrative corruption requires transparency in the accounts of Iraq's money in the Development Fund for Iraq at the American Federal Bank, returned the critical, particularly with the loss of billions of dollars of such funds in prior periods and conflicting statements about the size of these payments and reserves which belong to future generations of the Iraqi people.






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If this is accurate, or even close, is Iraq EVER going to get their carp together?  It's hard to believe so with all the new violence and issues.  I hope I'm wrong.

This is the best news ever !!!! Sell sell sell $$$$