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Sunday, February 17, 2013

Experts warn exploit the assets of the Central Bank as a cover for local currency, 17 FEB


Experts warn exploit the assets of the Central Bank as a cover for local currency

Warned parliamentarians and experts in regard financial consequences of the exploitation of part of the funds in the central bank in the project development and investment, describing it as “Red Line” as is cover for the local currency, while member suggested the Economic Committee in the House of Representatives Hussein Salman Mura’bi, invest part of the reserves located at the central bank for investment projects in the country.
The Central Bank reserves of hard currency $ 67 billion U.S., is the largest in the history of Iraq.
A member of the Finance Committee in the House of Representatives Ahmed electrodes in a statement to the extent of: “The reserve is located in the central bank may not extend hand it being a cover of the Iraqi dinar, pointing that exploit the investment projects is risky because they display a loss.
For his part, the financial expert Farouk Ramadan that the reserve at the central bank would enhance the prestige of the local currency for Iraq in the international exchange. said Ramadan in an interview over: The reserve is located in the Central Bank may not be used, except when economic disasters experienced by the country, pointing out that these funds are a balance of Iraq international.
added that “according to international regulations can not be exploited reserves in projects that may be vulnerable to profit and loss because it balances fixed, restrict by International Monetary Fund as a strengthening currency.
Meanwhile economist said as Abdul Hadi for over: “This topic is covered legally because the Central Bank Law current prevents borrowing government balances maintained by the Central Bank as a cover for the currency.
“We must move away Government funds in the central bank only if central bank decided to participate in these projects.
member suggested to economic and investment commission MP / National Alliance / Hussain Salman Mura’bi, invest part of the foreign reserves in the Central Bank in the investment projects of the country to increase the size of fiscal balance State.
said Mura’bi of the Agency news: The foreign reserves of more than (68) billion dollars, is equivalent to the budget of three countries, indicating that he will allow the central bank to deal with any defect either in monetary policy or economic in the country.
added: spare the national economy seriousness of the impact of global economic crises it for (10) years.
continued: You should not keep this cash reserve large frozen without investment, but is supposed to invest part of it in the projects, interior and exterior for the purpose of increasing amount, indicating if there is no investment of these funds, what interest to keep them?

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