PARLIAMENT REFUSED TO WITHDRAW ANY PART OF CASH RESERVES OF CBI

Parliament Refuses to Withdraw Any Part of the Cash Reserves of the Central Bank to Meet the Budget Deficit

Denied a member of the Finance Committee in the House of Representatives Sirwan Zahawi vote for a resolution to withdraw part of the cash reserves of the Central Bank of Iraq to fill deficits in the budget of public finances.

Zahawi said the independent press agency said Sunday that the foreign exchange owned by the CBI is a reserve to support monetary policy and to give strength to the local currency, and any step to Parliament to pressure the Bank to release part of its reserves to bridge the budget deficit was inconceivable and unacceptable. He added that the CBI has achieved clear success over the past years and could raise up to € (80) billion dollars, a result of the strategy contributed to the devaluation of the dollar against the dinar by half compared to 2003.

Zahawi and that the proper utilization of loans provided by a number of countries, in addition to the International Monetary Fund is the most important means that can be made by the government to cover the deficit, stressing the implementation of the customs tariff law in an economical way to ensure greater financial returns.

Sunday, January 17, 2010

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