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Alak: Central Bank reserves exceed international standards
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Economy News _ Baghdad
The Governor of the Central Bank of Iraq, Ali Alaq, Tuesday, that the amount of the budget deficit for 2020 is not yet proven as indicated by the Ministry of Finance, and what is circulating is just hypothetical figures and not yet settled, indicating that the upper limit of the deficit must be compatible with The new financial management law, stressing at the same time that the central bank reserves of foreign currency comfortable and well beyond international standards, and that the law prohibits the use of this reserve to lend to the government to fill the budget deficit, but it is used to stabilize the exchange rate and the strength of the local currency
"Our foreign currency reserves are comfortable, good and within international standards," Allaq said in an interview with "Al-Sabah" newspaper and seen by Al-Iqtisadiah news on the sidelines of his participation in the 43rd session of the Board of Governors of Central Banks and Arab Monetary Institutions held on Sunday in Cairo. Standard ratios are higher, but according to the law they are not to cover the deficit but are a cover for the local currency, and the strength of the exchange rate and the strength of the Iraqi dinar depends on this cover, so the process of linking reserves and deficit coverage is improper, and the Central Bank law does not allow the reserve to be used to lend The Pile directly or indirectly, but is to maintain the value of the dinar against the dollar. "
And the relationship, that "the stability of the exchange rate is a central objective of the Central Bank and seeks to achieve by all means, and depends mainly on the economic performance of Iraq, the stronger the economy was to maintain the exchange rate stronger, and our economy is subject to fluctuations in oil prices, which is a resource The basis for the country, which is also the basis for the foreign currency, so careful management of reserves in order to achieve stability is important, where there can be a balance between the supply and demand of foreign currency, and when supply disrupts affect the exchange rate, and the reserve we have so far is able to The application covers And therefore keeps the price under control. ”
Regarding slackness in government jobs, Al-Allaq said: “The government apparatus has reached more than saturation, and it does not add economic value; rather, in its expenses it represents a great challenge to the public budget and reduces the resources that can go to employ others and achieve more job opportunities through real projects. The basic solution to the issue of unemployment is the employment of the real sectors, namely, industrial, agricultural, tourism, etc., which is the basis in moving economic rings, so there must be a focus on moving these economic sectors by changing the economic model that exists in Iraq today, the model now is that It comes from oil, and it pumps the bulk of it in the form of salaries. These salaries turn into demand for imported goods and commodities.
The Governor of the Central Bank, that "can not be laid off people, but the money taken as salaries can be invested inside Iraq through the expansion of the real sector and this will occupy other people, and depends on coordination in trade, investment, tax and customs policies to harmonize with each other to move the situation internally".
As for the Cairo meeting, Al-Allaq said: “These meetings are regular and periodic, and since Iraq is a member of the Arab Monetary Fund, it is attending these meetings, where the meetings of the Council are a review of all developments that take place in the financial, monetary and economic matters in the Arab world, especially in the circumstances facing Major challenges in the economic aspects Increasing challenges and risks related to these aspects, which we provide insights and perceptions and how our countries can face these challenges, and analyze their effects and impact on our economies.
He added, “We will also discuss at the meeting the functions of central banks in terms of technologies and their effects, which are fast and successive, especially with regard to the subject of currency and its use, which has evolved towards digital and virtual, and in this context also talk about the objectives that are evolving functions of central banks quickly to achieve financial stability in Under the circumstances, and to achieve prudential control for central banks towards banking institutions and financial institutions, "he said:" Another goal that we have given priority in this meeting; we organized a special workshop on the expansion of financial inclusion, i.e. L Banking services to as many different citizens and segments as possible and achieve a lot of services quickly. ”
On the relationship between the Central Bank of Iraq and his Egyptian counterpart, Al-Allaq stressed that it is “very good and continuous, and we have many areas of cooperation, and we consider the Central Bank of Egypt very close ally, we have communication and consultation and the degree of high relationship and we need them in building our capabilities and in training and consultation.”
Regarding the reopening of Rafidain Bank in Egypt, Al-Allaq said: “It is an important issue and we have been following it for a long time. The Central Bank of Egypt knows the importance of Rafidain Bank and we are following up with the Egyptian side.”
"Our foreign currency reserves are comfortable, good and within international standards," Allaq said in an interview with "Al-Sabah" newspaper and seen by Al-Iqtisadiah news on the sidelines of his participation in the 43rd session of the Board of Governors of Central Banks and Arab Monetary Institutions held on Sunday in Cairo. Standard ratios are higher, but according to the law they are not to cover the deficit but are a cover for the local currency, and the strength of the exchange rate and the strength of the Iraqi dinar depends on this cover, so the process of linking reserves and deficit coverage is improper, and the Central Bank law does not allow the reserve to be used to lend The Pile directly or indirectly, but is to maintain the value of the dinar against the dollar. "
And the relationship, that "the stability of the exchange rate is a central objective of the Central Bank and seeks to achieve by all means, and depends mainly on the economic performance of Iraq, the stronger the economy was to maintain the exchange rate stronger, and our economy is subject to fluctuations in oil prices, which is a resource The basis for the country, which is also the basis for the foreign currency, so careful management of reserves in order to achieve stability is important, where there can be a balance between the supply and demand of foreign currency, and when supply disrupts affect the exchange rate, and the reserve we have so far is able to The application covers And therefore keeps the price under control. ”
Regarding slackness in government jobs, Al-Allaq said: “The government apparatus has reached more than saturation, and it does not add economic value; rather, in its expenses it represents a great challenge to the public budget and reduces the resources that can go to employ others and achieve more job opportunities through real projects. The basic solution to the issue of unemployment is the employment of the real sectors, namely, industrial, agricultural, tourism, etc., which is the basis in moving economic rings, so there must be a focus on moving these economic sectors by changing the economic model that exists in Iraq today, the model now is that It comes from oil, and it pumps the bulk of it in the form of salaries. These salaries turn into demand for imported goods and commodities.
The Governor of the Central Bank, that "can not be laid off people, but the money taken as salaries can be invested inside Iraq through the expansion of the real sector and this will occupy other people, and depends on coordination in trade, investment, tax and customs policies to harmonize with each other to move the situation internally".
As for the Cairo meeting, Al-Allaq said: “These meetings are regular and periodic, and since Iraq is a member of the Arab Monetary Fund, it is attending these meetings, where the meetings of the Council are a review of all developments that take place in the financial, monetary and economic matters in the Arab world, especially in the circumstances facing Major challenges in the economic aspects Increasing challenges and risks related to these aspects, which we provide insights and perceptions and how our countries can face these challenges, and analyze their effects and impact on our economies.
He added, “We will also discuss at the meeting the functions of central banks in terms of technologies and their effects, which are fast and successive, especially with regard to the subject of currency and its use, which has evolved towards digital and virtual, and in this context also talk about the objectives that are evolving functions of central banks quickly to achieve financial stability in Under the circumstances, and to achieve prudential control for central banks towards banking institutions and financial institutions, "he said:" Another goal that we have given priority in this meeting; we organized a special workshop on the expansion of financial inclusion, i.e. L Banking services to as many different citizens and segments as possible and achieve a lot of services quickly. ”
On the relationship between the Central Bank of Iraq and his Egyptian counterpart, Al-Allaq stressed that it is “very good and continuous, and we have many areas of cooperation, and we consider the Central Bank of Egypt very close ally, we have communication and consultation and the degree of high relationship and we need them in building our capabilities and in training and consultation.”
Regarding the reopening of Rafidain Bank in Egypt, Al-Allaq said: “It is an important issue and we have been following it for a long time. The Central Bank of Egypt knows the importance of Rafidain Bank and we are following up with the Egyptian side.”
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