Cash reserve ensure the stability of the dinar

by day dreamer Tue 15 Sep 2015, 11:20 pm

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Post n°1

Cash reserve ensure the stability of the dinar

by day dreamer Tue 15 Sep 2015, 11:20 pm

Cash reserve ensure the stability of the dinar

9/16/2015 0:00

BAGHDAD Mustafa al-Hashemi
Firas said economic researcher Amer that cash reserve to cover the dinar sponsor that needed to achieve exchange rate stability for a long time.
He added in an interview with {morning »he never Amajaov the decline in the exchange rate, explaining that the measures taken by the Central Bank and the private banks which capable of achieving exchange rate stability and returned to a normal level after he had witnessed a rise during the first quarter of this year because of Article 50 of the Law budget, which obliges the central bank to sell a specific amount of the dollar to the markets, which can accommodate twice the amount specified therein.
The Article 50 of the Budget Law for the current year has committed to identify sales of the dollar in the daily currency auction sale ceiling not to exceed $ 75 million a day at a time when the market absorbed about $ 200 million.
Amer said that the Governor of the Bank Dr. Ali Keywords -ouhsp what appeared in the news media -zkr that the reserves are sufficient to cover more than six months of imports, which is higher than usually required to maintain the exchange rate, noting that the budget deficit this year is likely to be less than 25 trillion dinars because of campaign reforms and public spending cuts.
He pointed out that Amer There are no fears for the value of the dinar against the dollar, stressing that the measures taken by the Central Bank, which clearly contributed to the reduction of the size of inflation over the last period.
He believed that the strengthening of the reserve currency basket and extra amounts of gold would also dinar gives extra strength enables it to withstand the fluctuations of world oil prices, noting that the greater the diversity of the cash reserve said the effects of lower oil prices directly on the value of the currency.
Iraqi Central Bank set new requirements for the purpose of providing monetary policy to the economy of market needs through foreign currency auctions and where buy or sell CBI dollar from or to the market in light of its objectives of maintaining price stability and the implementation of monetary policy (including exchange rate policies), as well as the management of foreign reserves and the issuance of currency management as well as regulate the banking sector to promote a competitive and stable financial system.

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