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Central Bank: The dollar reserves are sufficient to cover imports until February 2024
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Central Bank: The dollar reserves are sufficient to cover imports until February 2024
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Central Bank: The dollar reserves are sufficient to cover imports until February 2024
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Baghdad today-Baghdad
Today, Sunday, the Governor of the Central Bank, Mustafa Ghaleb Makhaif, reviewed the benefits and implications of the bank’s increase in foreign currency reserves, indicating that the reserve is sufficient to cover imports until the second month of next year 2024.
"There are several repercussions for the increase in our reserves of hard currency, including defending the national currency exchange rate against foreign currencies, and maintaining coverage of imports for a period of more than 6 months," Makhaif said in a statement to Arab media followed by (Baghdad Today).
And he indicated that "the central bank was able to build a cover for imports for a period of more than 17 months at the end of the third quarter of 2022, meaning that the central bank has sufficient reserves until February 2024, which is a very sufficient period to correct imbalances in the balance of payments in the event that Iraq's imports are exposed to any imbalances.”
He explained that "the index of foreign reserves to the money supply in the broad sense is high and reached 81%, which is an indicator that enhances confidence in the Iraqi dinar as a store of value, as well as preserving the value of the national currency by ensuring the stability of the exchange rate as a nominal stabilizer for inflation."
He pointed out that "there are other benefits that come from increasing the volume of reserves with the central bank, including an indicator of the strength and flexibility of monetary policy, and the reserves can also contribute to raising the indicators of creditworthiness of Iraq with international rating institutions."
Today, Sunday, the Governor of the Central Bank, Mustafa Ghaleb Makhaif, reviewed the benefits and implications of the bank’s increase in foreign currency reserves, indicating that the reserve is sufficient to cover imports until the second month of next year 2024.
"There are several repercussions for the increase in our reserves of hard currency, including defending the national currency exchange rate against foreign currencies, and maintaining coverage of imports for a period of more than 6 months," Makhaif said in a statement to Arab media followed by (Baghdad Today).
And he indicated that "the central bank was able to build a cover for imports for a period of more than 17 months at the end of the third quarter of 2022, meaning that the central bank has sufficient reserves until February 2024, which is a very sufficient period to correct imbalances in the balance of payments in the event that Iraq's imports are exposed to any imbalances.”
He explained that "the index of foreign reserves to the money supply in the broad sense is high and reached 81%, which is an indicator that enhances confidence in the Iraqi dinar as a store of value, as well as preserving the value of the national currency by ensuring the stability of the exchange rate as a nominal stabilizer for inflation."
He pointed out that "there are other benefits that come from increasing the volume of reserves with the central bank, including an indicator of the strength and flexibility of monetary policy, and the reserves can also contribute to raising the indicators of creditworthiness of Iraq with international rating institutions."
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