Central Bank Sold more Foreign Currency than State Revenues : Al Tamimi

The Parliamentary Finance Committee of Iraq has declared on Sunday that sold amount of hard currency sold in the sales auction at the Central Bank of Iraq is double as compared to the total revenues of the state collected by the sales of Iraqi export of crude oil. A member of the Committee Majda Al Tamimi issued a press statement in a press interview that in the month of January 2016, Iraqi imports were recorded at one billion 143 million U.S dollars. At the other hand the Central Bank of Iraq sold three billion 318 million U.S dollars in its foreign currency auction sales at CBI. Al Tamimi also said that the inequality between the two amounts was concealed by the cash reserves of foreign currency at the Central Bank of Iraq.

This situation is indicating that Iraqi cash reserves have been brought to close at zero. At the other hand the Iraqi government is considering to withdraw cash from the Central Bank of Iraq. Most of the economic analysts have predicted that this situation is showing as economic failure in the near future. Al Tamimi also added that foreign currency cash reserves at the Central Bank of Iraq have decreased from 59 billion U.S dollars and reached at 50 billion U.S dollars. The situation became more worsening due to the foreign currency auction sales at the Central Bank of Iraq and most of the amount used to manage the expenses of the Iraqi government. Al Tamimi said that it is amazing that Central Bank of Iraq is continuously selling the foreign currency at CBI sales auction and most of the amount is being used for various unnecessary imports of goods such as juices, gypsum and many other materials. It is important that Iraq is currently experiencing more severe economic and financial situation in the country.

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