The Iraqi Central Bank issued a statement that the foreign reserves at CBI have increased to 72 billion U.S dollars. The statement also pointed out that these reserves were increased because of the CBI’s investment policy and expanding them using secure mechanisms. A reliable source at the Central Bank of Iraq said in a statement the total foreign reserves at the central bank rose to $72 billion during the first half of the current year. These reserves could reach $86 billion after taking benefit of the high export revenues of oil from the Iraqi Finance Ministry. It is important that the payment of $14 billion to the Bank represents the settlements of the treasury.
The Central Bank of Iraq used this amount to achieve financial stability during the financial crisis time period. The statement also said that the perfect mechanisms in the investment policy adopted by the Central Bank and safe tools expansions increased the foreign reserves. It also strengthened the international credit situation and improved confidence in the economy of Iraq. The exchange rate indicators have confirmed the framework of efforts to achieve monetary stability, which remained in a state of balanced stability over the last 2-years. The source also said that the achievement of this increase came in light of the Bank continued its financial initiatives in support of investment projects.
It includes the initiative of financing the 5 trillion Iraqi dinars for projects of housing, agriculture, and industry. Moreover, the addition in the amount of trillion Iraqi dinars for small and medium enterprises contributes to decreasing the unemployment rates. The Iraqi Central Bank also announced the approval of registering companies on the establishment of the Iraqi Company to secure deposits. The CBI said in a statement that the approval of the company registration department in the Ministry of Commerce to establish the Iraqi Deposit Insurance Company. It is a joint contribution based on the provisions of Article 19 of the Companies Law No. 21 of 1997.