Al-Shabibi: We could control the rise of U.S. dollar through the Iraqi cash reservesTranslated by IRAQdirectory.com - [6/12/2009]
The governor of Iraqi Central Bank Dr. Sinan al-Shabibi stated to (Al-Sabah paper) that the central bank has proved its ability to meet the disclosure of Iraq dinar and limit the deficit against the dollar due to the accumulation of Iraqi cash reserves, which exceeded 41 billion dollars, as stated in the conference of banking business, which held under the auspices of Iraqi Banks Association with high-level representation of the Iraqi Central Bank.
Al-shabibi said that there might be participations in the first stage to finance the wheel of major reconstruction, and we in the Iraqi Central Bank would encourage the entry of private banks in financing the strategic projects.
With regard to the high exchange rate of U.S. dollar, Alshabibi said that Iraqi Central Bank does not work randomly, but there are some measures that we have tried to check out for some important issues in central bank’s auction, because the situation was very sensitive and has an impact on the market rapidly, the dollar exchange rate moved upward, which we wish clearly that the rapid realization what makes the bad reaction of the market's exchange rate, but the capacity of the Central Bank and its hard work was able to go back to stability and full control over the cash reserve which is managed by the Central Bank of Iraq that dealt with the case of oscillation at high speed.
Alshabibi called the Iraqi officials to make sober statements about monetary policy, because we are talking on developing a particular sector, the most sensitive and important sector which is real advance for the development in Iraq, and as mentioned above, the purpose of the reserve is to stabilize the Iraqi dinar, that the Central Bank succeeded to sustain.
Alshabibi added that the Iraqi private banks have good financial status now, to contribute in the investment of big and medium enterprises, as they are qualified to play a real role in reviving the Iraqi economy.
Alshabibi called the private banks to take the advantage of the Iraqi government’s invitation to support the private sector through playing the role of money product supplier and urged the bankers to access to ideas aimed to develop the Iraqi banking sector.
http://www.iraqdirectory.com/DisplayNews.aspx?id=9575
The governor of Iraqi Central Bank Dr. Sinan al-Shabibi stated to (Al-Sabah paper) that the central bank has proved its ability to meet the disclosure of Iraq dinar and limit the deficit against the dollar due to the accumulation of Iraqi cash reserves, which exceeded 41 billion dollars, as stated in the conference of banking business, which held under the auspices of Iraqi Banks Association with high-level representation of the Iraqi Central Bank.
Al-shabibi said that there might be participations in the first stage to finance the wheel of major reconstruction, and we in the Iraqi Central Bank would encourage the entry of private banks in financing the strategic projects.
With regard to the high exchange rate of U.S. dollar, Alshabibi said that Iraqi Central Bank does not work randomly, but there are some measures that we have tried to check out for some important issues in central bank’s auction, because the situation was very sensitive and has an impact on the market rapidly, the dollar exchange rate moved upward, which we wish clearly that the rapid realization what makes the bad reaction of the market's exchange rate, but the capacity of the Central Bank and its hard work was able to go back to stability and full control over the cash reserve which is managed by the Central Bank of Iraq that dealt with the case of oscillation at high speed.
Alshabibi called the Iraqi officials to make sober statements about monetary policy, because we are talking on developing a particular sector, the most sensitive and important sector which is real advance for the development in Iraq, and as mentioned above, the purpose of the reserve is to stabilize the Iraqi dinar, that the Central Bank succeeded to sustain.
Alshabibi added that the Iraqi private banks have good financial status now, to contribute in the investment of big and medium enterprises, as they are qualified to play a real role in reviving the Iraqi economy.
Alshabibi called the private banks to take the advantage of the Iraqi government’s invitation to support the private sector through playing the role of money product supplier and urged the bankers to access to ideas aimed to develop the Iraqi banking sector.
http://www.iraqdirectory.com/DisplayNews.aspx?id=9575