Iraq Cash Reserves Declined But Gold Reserves Are Increasing

Iraqi Dinar 123 News:– Iraqi Parliamentary Finance Committee has revealed that Iraqi reserves are amounted at 59 billion U.S dollars and more than 90 tons of Gold. Finance Committee also stressed that Iraqi reserves facing decline every year and the main cause of this decline is because the continuous downfall in the global oil prices, which is now at 40 U.S dollars per barrel. Haji Ahmed Rashid also added that Iraqi reserves are continuously declining every year, especially in the foreign cash reserves that are being decreased significantly compared with the last ten years.

Haji Ahmed Rashid also added that Iraqi cash reserves of U.S dollars were at 84 billion U.S dollars at the Iraqi Central Bank in the year 2013. The amount decreased in the year 2014 and it was at 77 billion U.S dollars. This situation is worse in the year and it fell to its lowest level, and now it is at 59 billion U.S dollars. It is linked to the decline in the U.S dollar price. He added that Iraqi oil reserves are amounted at 150 million U.S dollars. The Iraqi Central Bank is pushing 300 million U.S dollars per day in the markets, which is reflecting a negative impact on Iraqi reserves of U.S dollars. He also pointed out that Iraqi gold reserves condition is reverse and Iraqi gold reserves have been increased compared to the previous years. The Iraqi gold reserves were recorded at 29 tons in the year 2013, but these Iraqi gold reserves have been reached at 90 tons. It is also predicted that if oil prices show a continuous decline in coming months then these gold reserves would be increased significantly.

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