Oil Prices Fall Won’t Affect Our Currency Reserves: CBI

Iraqi Dinar 123 News:– The Central Bank of Iraq stressed that continuous downfall in the global oil prices would not reflect any major impact on Iraqi economy and its currency because we have handsome amount of hard cash reserves. The Governor of the Iraqi Central Bank Ali issued a press statement on Tuesday that decline in the oil prices decreased the U.S dollars cash reserves. But we still have a great level of hard cash reserves. It is more than the amount needed for a local currency to cover correspondent amount of foreign currency according to the international standard and specifications. We are able to manage and cover our imports for 6 months by using these reserves.

At the beginning of 2015, the International Monetary Fund also predicted that the reserves of Iraqi Central Bank will be at 40 billion U.S dollars at the end of 2015. The IMF changed their predictions and again issued a statement after a couple of months that Iraqi reserves will be at 50 billion U.S dollars. CBI also pointed out that actual data is indicating another expectation that Iraqi reserves can reach at 60 billion U.S dollars. It is also said by the Fund that purchase of the U.S dollars from Iraqi Ministry of Finance and the sales difference of the U.S dollars is estimated at 600 million U.S dollars per month. The Iraqi Central Bank perfectly managed this difference in order to balance the payments and maintained the Iraqi dinar exchange rate against most of the foreign currencies especially against the U.S dollars.

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