CBI Sold More U.S Dollars Than Iraqi Imports in 2015: Economist

Iraqi Dinar 123 News:– A famous economist David Zayer has warned about bankruptcy in the country due to continuous selling of the U.S dollar by the Iraqi Central Bank. He said that reduction in the balance of U.S dollars at the Iraqi Central Bank would generate bankruptcy in the country. He added that Iraq is very close to the bankruptcy due to massive decrease that reset the balance of hard currency reserves in the country. He further explained that bankruptcy in the country is showing disqualification economically in order to deal with other countries in the world. He stressed that Iraqi Central Bank is violating the law to sell foreign currency at CBI auction sales. The law doesn’t allow CBI to sell and buy the currency, but CBI is buying Iraqi dinar currency illegally.

Zayer further said that U.S dollar reserves stored with the oil export revenues and from other major investment projects and it should not convert into consumer products. The Iraqi Finance Committee has submitted official document in the parliament indicating amount of the U.S dollar sold in the year 2015, which is more than Iraqi imports of foreign currency collected from the crude oil sale in 2015. The document is showing that total amount of 38 billion U.S dollars were stored in the state revenue in 2015. At the other hand, Iraqi Central Bank sold more than 44 billion U.S dollar in the same year and it is showing a difference of at least 5 billion U.S dollars. So, it is clear that CBI sold more U.S dollars than its imports.

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