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Central Bank: abandon auction sale of hard currency for one of the State banks

25/04/2012 m-2: 54 pm | Hits: 17

The Iraqi Central Bank, announced Wednesday, it will auction the sale of hard currency in the coming days for one of the State banks, while foreign exchange reserves access to 63 billion dollars, that drew the daily sales exceed need Iraq 50 times.

He said the Bank's Deputy Governor Mohammad Saleh appearance in an interview for "alsumaria news", "Central Bank of Iraq in the period ahead will be in agreement with the Ministry of finance and other government agencies to transform the auction sale of foreign currency for one of the State banks as the Rafidain Bank or rational or other commercial banks," the Central Bank would be ready to provide the Bank who will take over the conduct of the auction daily what needs hard currency".

Saleh said that "the Central Bank's reserves of hard currency rose to 63 billion dollars after having been around 60 billion dollars by the end of 2011, and is capable of preserving the stability of the Iraqi dinar," adding that "the Central Bank auction of trade became the funder, and neighbors Salem-infusion and not to finance domestic trade, as the Iraqi Central Bank sales per day than Iraq need 50 times."

And he said that "auction selling currency is molecules is not within the competence of the Central Bank of Iraq", adding that "the policy of the Bank concentrated on maintaining the exchange rate and combat money laundering and financing of trade in other countries."

Dollar exchange rate rose to Iraqi dinar in local markets to 1,300 dinars per dollar last week had 1,250 dinars per dollar and 1180 dinars per dollar over the past year 2011.

The Iraqi Central Bank announced, on 6 January, the foreign currency reserves rise to 60 billion dollars, for the first time in the history of Iraq, after the beginning of September in the year 2011 higher precautions amounted to 58 billion dollars after 50 billion dollars by the end of 2010.

The Iraqi Central Bank holds daily meetings for the sale and purchase of foreign currencies with the participation of Iraqi banks, with the exception of holidays which the Bank stops on these auctions and sales either cash or money orders sold to abroad for a certain fee.