Fears of a Downfall in the Foreign Currency Cash Reserve in Iraq

Iraqi Dinar 123 News:– A large number of experts cautioned for the continuous downfall in the Iraqi cash reserves of foreign currencies in the security and economic crises scenario which is generating problems in the country. They have demanded to take immediate actions and make urgent plans to secure the declining foreign currencies cash reserves. The Central Bank of Iraq issued a statement that Iraqi cash reserves of foreign currencies have declined at more than 60 percent in last two years. The foreign currency cash reserves in November 2013 were recorded at 88 billion U.S dollars and in November 2015 with a massive decrease in the foreign currency cash reserves recorded at 35 billion U.S dollars. It indicates a heavy downfall of more than 52 billion U.S dollars in just last two years.

A famous economic and financial expert Samir Al Qaisi said that the major factors for the continuous severe downfall in the foreign currencies cash reserves in the Iraqi Central Bank. The CBI is responsible for managing the reserves of the country. The Central Bank of Iraq is accountable for any kind of theft, misappropriation, smuggling and corruption of money transferring outside the country. Another economic expert Abdul Aziz Al Naimi said that Iraqi oil export has been recorded at three million barrels per day with a considerable downfall in the oil prices globally by 60 percent in last two years. The continuous downfall also decreased the foreign currency cash reserves in the country. Last year, the global oil price recorded in the month of June 2014 at 115 U.S dollars per barrel.

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