«Central»: $ 4.17 billion deficit a month salaries

«Central»: $ 4.17 billion deficit a month salaries

February 19th, 2016

He said the government did not reduce its expenses

Baghdad New Morning:

The governor of the Iraqi Central Bank, said that the government is facing a deficit of $ 5 trillion dinars (4.17 billion dollars) a month to cover the salaries and expenses of critical, at a time when stressed that the government did not reduce spending too much, it will resort to borrowing to cover the deficit.

Between on the Keywords that this amount when it is not have sufficient cover of the dollar from oil exports will certainly be covered by government borrowing, which the government is doing now.

He Keywords that the slump in oil prices represents a significant strain on the financial resources are limited and make it under the current prices of existing private and that it was not accompanied by reduced spending government for itself.

Furthermore, the central bank stressed that the government spending did not decrease too much, while noting it needs five trillion dinars for salaries, said the government will resort to borrowing to cover the deficit.

the governor of the bank on the Keywords in an interview with local media, said that «the government what still needs to be five trillion dinars per month to cover the salaries and expenses of critical », indicating that« this amount when they do not have enough cover from the dollar from oil exports will certainly be covered by government borrowing, which the government is doing now ».

He Keywords that« low oil prices posed a significant strain on the financial resources are limited and make it under the current prices found in not accompanied by reduced government spending for themselves ».

He Keywords that« expenses when they are not connected to cover the export of oil, it will be a pressure on the reserve, because these expenses will turn into Order to buy the dollar and therefore, this process will cut the reserve indirectly ».

he Keywords that« the size of government spending when they do not have a cover of foreign currency, he resorted to borrowing to Ngtih difference ».

in another matter, the CBI recorded sales, the end of the week, a slight increase at the end of the weekly auction for the sale of foreign currency, sold $ 111 million after it sold yesterday $ 102 million but still the lowest sales recorded by the bank months ago.

According to a statement of the bank, that «the size of the amount sold today reached 111 million, 400 thousand dollars, at a price Exchange 1182 dinars to the dollar, with the participation of 28 banks and 19 companies of the financial transfer ».

He pointed out that« the amount of remittances and credits amounted to 95 million 500 thousand dollars, while the quantity sold in cash 15 million, 900 thousand dollars. »

The statement said that« amounts sale transferred to the accounts of banks abroad will be priced at 1190 dinars per dollar, and the cash sales price shall be the price of 1182 dinars per dollar ».

the statistics of the Central Bank of Iraq reported the sale of the bank more than $ 3.3 billion during the month of December.

the official document of the Finance Committee in Parliament It revealed that the central bank sold the amount of the US dollar in the past year 2015 was more than Iraq's imports of foreign currency obtained from the sale of crude oil in the same year.

showed the document to the state's oil revenues for the year 2015 amounted to $ 38 billion, while sales of the bank was the same year more than $ 44 billion, a difference of more than five billion dollars, that is what sold Iraq of foreign currency more than its imports from them.