Foreign Currency Reserves at CBI Would Reach at $91 Billion

Iraqi Dinar 123 News:– The Governor of the Iraqi Central Bank Ali Mohsin delivered his words during a seminar that the reserve of foreign currency is related to the comfortably issued local currency. He also pointed out that the global calculating standard is indicating suitability. He further added that Iraqi Central Bank is adding 500 million U.S dollars per day in order to overcome this shortage. He explained that International Monetary Fund said two weeks ago that foreign currency reserves will be raised in 2016 and these reserves would reach at 91 billion U.S dollars by the year 2020. This seminar was arranged by ‘The Institute of Progress’ on the objective focused for the discussion on the development policies for the foreign currency reserves at the Iraqi Central Bank.

A number of experts discussed regarding the deterioration of the issues taking place in the economic and productive sectors. The Governor of Iraqi Central Bank further said that the original source of these reserves is not connected to the Iraqi Central Bank and downfall in the foreign currency reserves doesn’t mean that there is any kind of problem inside the Central Bank regarding the reserves of the U.S dollars. The Iraqi Finance Ministry declared earlier that continuous downfall in the reserves at the Iraqi Central Bank is due to the continuous decline in the global oil prices and it is considered as natural process. He said that analysis indicating that increasing of demand in the U.S dollars is related to the shortage of domestic production.

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