Iraqi central bank said Saturday the country will not be able to access financial stability as long as mainly dependent on oil imports, pointing out that it made him heading towards the provision of a financial reserve of up to $ 50 billion.
The central bank adviser said the appearance of Mohammed in a press statement that "the Iraqi economy can not access to the state of stability due to financial dependence on oil imports without diversify the Iraqi economy and imports correspond to oil."
He explained that "the absence of imports and economic make the central bank is moving towards the provision of a financial reserve of up to $ 50 billion to prevent any disturbance of the structure of the Iraqi economy."
Saleh added that "the Iraqi economy in its current exhibition of vibration because the external demand for oil affects positively if rose and fell as negative if the Iraqi economy is in danger if there is some countries alternatives to oil energy in the implementation of industrial projects."
The main tasks of the Iraqi Central Bank to maintain price stability and the implementation of monetary policy, including exchange rate policies, and manage the reserves of foreign currency, and the issuance of currency management, as well as to regulate the banking sector.
The central bank warned earlier in the Iraqi government to borrow from the central bank to address the economic deficit in the budget of 2011.
The former Iraqi Cabinet approved a budget with a deficit in 2011 is estimated at $ 12 billion, he stressed that willingly borrows from the Central Bank and the World Bank in addition to the recycling of funds that are not exploited by the previous government to bridge the shortfall
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