Financial Expert: high central bank reserves is a positive indicator
Tomorrow Press / Baghdad
announced an expert on financial affairs Fouad Attia, on Thursday, the central bank reserves rise of the dollar is a positive sign of easing the financial crisis.
He said Attiya told the "Tomorrow 's Press" that " the cash reserves of the central bank depends on what is being sold oil in the global market , which in turn is shifting from the Ministry of Oil to the Ministry of Finance and then to the Central Bank, to be replaced in dinars according to the needs of the Ministry of Finance, and the remaining it is converted to either window sell the currency to cover traders and customers requests or to the reserve. "
He pointed out that " the reason for the low selling oil prices led to a decline in cash reserves at a time still ensue very large government disbursements in dinars, what comes from the sale of oil is not converted part to the reserve for this has been declining."
He added that the "height reserve is a good indicator given that there is a surplus of dollars have been transferred to the reserve, and that there is reduced Babviac for the government, which is true to invest through this reserve."
It is noteworthy that, Governor of the Central Bank of Iraq , Ali Alaguen said earlier, the cash reserve of foreign currency rose to $ 3 billion during the current year.
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