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Economist: Increasing the central bank’s reserves has nothing to do with lowering the price of the dinar
12/4/2021 18:27:00
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Economist: Increasing the central bank’s reserves has nothing to do with lowering the price of the dinar
Economic expert Dr. Hammam Al-Shamaa confirmed that increasing the Central Bank's reserves has nothing to do with the reform policy undertaken by the federal government nor with the reduction of the national currency's rate against the US dollar.
Al-Shamma said in a special statement to PUKmedia , on Monday 12/4/2021, that the increase in the Central Bank's currency reserves, which was announced by Federal Prime Minister Mustafa Al-Kazemi, is due to the turmoil that occurred in the markets as a result of raising the price of the dollar and reducing the value of the dinar, which made the market stop On the one hand, on the one hand, government revenues rose as a result of high oil prices, and thus the central bank’s reserves increased.
Al-Shamaa added that the central bank’s reserve is to cover Iraq's imports from abroad and makes the countries of the world trust the credits opened by Iraqi banks, stressing that the size of the reserves has no limits, but there are minimum limits that if reduced from them, this would be a risk, as they must cover the value of 6 months of Iraq's foreign imports.
Al-Shamaa stressed that Iraq has sufficient reserves to cover 100% of the value of its foreign imports.
The Prime Minister, Mustafa Al-Kazemi, announced yesterday, Sunday, that the Central Bank’s foreign currency reserves rose to more than 60 billion dollars, after it was 51.9 billion before the initiation of the reform measures of this government.
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