Iraqi Cash Reserves Approaching at $ 80 Billion: Finance Committee

The Iraqi Finance Committee refused that Iraqi government used the hard cash reserves to manage the budget deficit problems. It is also said that total cash reserves are 80 billion U.S dollars, in which 69 billion U.S dollars cash reserves and 10 trillion Iraqi dinars. The Finance Committee further said that we are surprised to see the sale of hard cash which is exceeding the predefined limit in the Iraqi budget 2015. It is said that maximum limit for daily auction in the Central Bank was 75 million U.S dollars, but market demand didn’t exceed from 45 million U.S dollars. The Finance Committee discussed about the mafia activities that disturbed the whole condition, but the Central Bank violated the budget law 2015.

The Iraqi budget 2015 restricted the Iraqi Central Bank not to exceed the maximum limit of 75 million U.S dollars for daily currency auction, which raised the U.S dollar price against the Iraqi dinar. The U.S dollar exchange rate rose in the local markets from 1200 Iraqi dinars to 1400 Iraqi dinars per U.S dollar. The Iraqi Central Bank also stopped 14 regional banks from contributing in the daily currency auction against their commitment that not to apply taxes on transferring of funds, but the Central Bank has canceled this tax collection last week. A member of the Parliamentary Finance Committee Haitham Al Jubouri said that Iraqi Central Bank should follow the defined maximum limit for daily auction of 75 million U.S dollars and to find out more way to sell more U.S dollars.

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