CBI Foreign Reserves Are Low As $10 Billion: Finance Committee

A member of the Iraqi Parliamentary Finance Committee Ahmed Al Haj issued a press statement that the Iraqi Central Bank assets decreased about more than 10 billion U.S dollars in 2014-2015. He also added that it is our prediction that Iraqi would be able in getting 150 million U.S dollars per day from its oil exports. The foreign currency auction is improving its amount and almost doubling the amount from daily foreign currency auction. He further said that this causes impendence to the Iraqi economy. The assets of the Iraqi Central Bank have declined at 10 billion U.S dollars in the time period of 2014-2015. This matter is considered as a most serious problem.

The CBI auction sales for foreign currencies is improving CBI’s assets time to time and reached at more than 300 million U.S dollars. The Federal Supreme Court announced on 6th July 2015 regarding the problem mentioned by the Iraqi Central Bank that the Iraqi budget law 2015 article 50 is not in the favor of CBI and agreed upon the recommendations of the Iraqi Central Bank not to restrict CBI to sell only 75 million U.S dollars per day. The Governor of the Iraqi Central Bank also said that the Supreme Court’s decision is in the favor of the CBI and it has its importance according to the independency of the Iraqi Central Bank and it would be more helpful in promoting and supporting the policies of the Central Bank.

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