Economic Adviser to the Iraqi PM Confirmed 60 Billion U.S Dollars Reserves at CBI

Iraqi Dinar 123 News:– The economic adviser to the Iraqi Prime Minister Haider Al-Abadi rejected that Iraqi Central Bank is experiencing a state of bankruptcy. The economic adviser Muhammad Saleh said that Iraqi Central Bank is a stronger financial institution and has a handsome amount of reserves. The CBI has the broader vision and working very well on monetary policies. He also said that CBI has more than 60 billion U.S dollars and it is not correct that its reserves are at 40 billion U.S dollars. The Iraqi Central Bank is well operational in buying and selling foreign currencies in its daily auction sales of foreign currencies. Some economic experts said that Iraqi government budget is almost faded aside from some essential expenses and salaries of employees.

Saleh further pointed out that these policies of Iraqi Central Bank are not only the elements that are pointing towards bankruptcy, but there are a number of rumors predicted after a continuous decline in the Iraqi economy. It is important that auction sales at the Iraqi Central Bank recorded a significant decline for the last few months. Before the starting period of financial crisis and decline in the global oil prices in the month of July 2014, the CBI managed the auction sales between 225 and 300 million U.S dollars. The statistics of Iraqi Central Bank are showing total sales of foreign currency at the Central Bank for the month of February was recorded at 2.5 billion U.S dollars and it was considered the lowest sales amount than January and sales declined at more than 800 million U.S dollars. The Central Bank sold more than 3.3 billion U.S dollars in the month of January.

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