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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    Iraq Central Bank Sees Foreign Reserves at $60b at Year’s End

    Lobo
    Lobo
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    Iraq Central Bank Sees Foreign Reserves at $60b at Year’s End Empty Iraq Central Bank Sees Foreign Reserves at $60b at Year’s End

    Post by Lobo Wed 11 Nov 2015, 1:03 pm

    November 11, 2015

    Iraq Central Bank Sees Foreign Reserves at $60b at Year’s End

    OPEC’s second-biggest producer was hurt by the slump in oil revenue as well the war with Islamic State militants  Iraq’s foreign currency reserves will total about $60 billion by the end of 2015, higher than the International Monetary Fund predicts and at a level sufficient to maintain the dinar’s buying power, central bank Governor Ali Mohsen Ismail said. 


    Reserves are still sufficient to cover six months worth of imports, despite the decrease in government revenue due to the drop in oil prices, Ismail said in a statement on the central bank’s website Tuesday.

    Gross foreign assets with the central bank stood at $58 billion at the end of September, according to official data. The IMF sees reserves reaching $50 billion by year-end, Ismail said, without explaining why his projection is more optimistic. OPEC’s second-biggest producer was hurt by the slump in oil revenue as well the war with Islamic State militants who took control of major Iraqi cities. 

    The government canceled a $6 billion bond sale to fund its budget shortfall after potential investors demanded higher interest rates than it was willing to pay. 

    The IMF expects the budget deficit to widen to 17.4 percent this year from 5 percent in 2014. The central bank provided the Ministry of Finance with about $600 million dollars monthly in the first nine months of 2015 to finance its foreign currency needs, which means “reserves can continue covering adequately, given that they stand at $60 billion,” Ismail said.
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