Central Bank reveals high cash reserves during May and expects it to continue

Author: ASJ, HH
Editor: AB, HH
16/05/2015 12:22
Number of Views: 57

Almada Press / Baghdad
Iraqi Central Bank revealed on Saturday, for the high volume of cash reserves during the month of May, from what it was during the month of April, and as pointed out that it regards oil sales volume for the current month, continues to increase expected over the coming months.

The governor of the Iraqi Central Bank Ali Alaq in an interview to Almada on the sidelines of the conference (the adoption of international accounting standards for the Iraqi banks), "The nature of the measure Iraqi reserves the size of cash based on the daily dealings of oil revenues that are sold in world markets, as well as the size of cash transactions at home. "

Alaq emphasized, that "the size of the cash reserve for the month of May, recorded an increase from what it was during the month of April," noting that "this relates to oil sales volume for the current month."

Alaq predicted, "persistently high level of cash reserves in the coming months."

It is noteworthy that the central bank confirmed in January 2015, that the reserves will exceed the $ 80 billion during the first half of the same year, but will not reach $ 100 billion due to weak retail Iraqi oil revenues and through which access to the dollar to strengthen reserves.