View Full Version : Central: exchange rates fixed, and cash reserves is subject

04-05-2010, 01:08 AM
Central: exchange rates fixed, and cash reserves is subject
by cosiangel Fri Apr 02, 2010 1:17 pm

Central: exchange rates fixed, and cash reserves is subject to licensing rounds

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1/4/2010 - 10:04

BAGHDAD / Aswat al-Iraq: Central Bank of Iraq adviser, on Thursday, the Iraqi dinar exchange rate against the U.S. dollar is steady and stable, indicating that conditions are subject to cash reserve, including the outcome of the oil licensing rounds, which will hopefully raise Iraq's imports of Finance.
The appearance of Mohammed Saleh told (Voices of Iraq) that "the policy of the central bank depends on maintaining the stability of the currency exchange rate, which currently stands at 1170 dinars per dollar," noting that monetary policy "is usually not fixed in absolute terms, the interference of the Central which comes for the needs of customers the dollar for legitimate purposes. "
The rumors were fired in the domestic market during the past two days, suggesting that the central bank will cut the exchange rate from 1170 dinars to the dollar to 1000 dinars per U.S. dollars.
He pointed out that "what is said about the low exchange rate or stop the currency auction just rumors aimed at selfish gains only, especially since the transfer abroad is permissible, and the freedom of foreign exchange, not intersect with the law on combating money laundering and money, crime and terrorism," noting that " All funds that do not intersect with the law is money free, owners are free to remittances, so we build a stable economy we do not need to resort to crisis or to surprise the public, and these policies, if any, it will be visible and clear without relying on underground. "
On the cash reserve legal Saleh pointed out that the central "has the reserves are adequate and sufficient, and conditions are subject to including results of the rounds of licensing oil, and if they succeed in the export of large quantities of oil Vstkhaddm the national economy and development efforts, and thus will enter flow into Iraq, and not vice versa."
Iraq had signed a dozen oil contracts with major international oil companies through two rounds of licensing the first oil and the second, which was held in Baghdad in mid and late last year, which is expected to raise Iraq's production of 2,5 million barrels per day to about 12 million during the next six years.
On the future of the Iraqi dinar Saleh said that the "exchange rate governed by the reserves, and price trends, which are stable at the moment," expected to be "the future of the Iraqi dinar a prosperous and stable, and every case, we believe that the future of the Iraqi economy in general will be promising, according to an optimistic outlook must be paint in the mind and the changes will be positive, provided that other factors not subject to constant surprises. "
H u h (m) - MD
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