Al-Moussawi: invest a portion of the Central Bank's cash reserve will not affect the value of the dinar



Published: 12: 14 pm, February 17, 2013 by jamal



Baghdad

(IBA). Member of the Economic Committee MP Salman al-Musawi, the

investment of part of the cash reserves of the Central Bank in risk-free

investment projects did not constitute any future damage to the value

of the Iraqi dinar and the impact of the global economic shocks.



He

said in a statement cited by the independent press Association (IBA).

The Central Bank has a large cash reserve can invest part of it in less

risky investment projects contributing to the formation of an important

resource and returns to the Reserve Bank and the Treasury, said: the

survival of Iraq only supported on oil reserves and revenues is a major

threat to the national economy "



"The Central Bank law are not

allowed to invest a portion of the cash reserves that the fear of

withdrawal of a portion of this amount and invest in projects that lead

to reduced reserves and undermine confidence in the value of the Iraqi

dinar, adding: the withdrawal of part of the cash reserve will not

affect the value of the Iraqi dinar and confidence in the future."



"Dependence

on the dominant oil sector on other sectors in economic practice risky

oil and prices being dependent on world prices and therefore if there is

a significant reduction in price would affect the economy."



Al-Moussawi

said that "unilateral Iraq revenue and 95% dependent on oil revenues

and reserve is the subject of the threat and what the Iraq oil economy

income diversity effect for income-generating sectors such as

agriculture, tourism, trade, industry and investment, a fraction of the

cash reserves of the Central Bank and can provide significant revenue

for Iraq to add to the collection of taxes and fees".(End



