Iraqi Dinar Currency Would Not Face Downfall in Future: DG CBI

Iraqi Dinar 123 News:– The British newspaper Bloomberg published on Wednesday that Iraqi Central Bank’s foreign currency reserves showed downfall in the first six month, January to July 2015, with a decrease of 59 billion U.S dollars. It is also said that Iraqi dinar currency is considered as one of the risky currencies in the Middle East region. The Director General of Iraqi Central Bank stressed that Iraqi dinar currency value will not cut down because we have a handsome amount of foreign currencies cash reserves and Iraqi is the 2nd largest oil produced after Saudi Arabia in OPEC. Iraq is much dependant on its oil exports and revenues generated by its oil exports used for country’s economic needs and in financing military operations against militants and Daash terrorists.

A number of speculators predicted about decline in the value of Iraqi dinar because of declining foreign currencies cash reserves, but we have a large amount of gold reserves and a considerable amount of foreign currency cash reserves. The newspaper Bloomberg said that Iraqi foreign currencies cash reserves declined at 59 billion U.S dollars since 1st January to 23rd August 2015. It is also said that Iraqi Central Bank has sold more than 4.6 billion U.S dollars in first 25 days in the month of August 2015 with an average of 184 million U.S dollars per day, in order to stabilize and maintain the Iraqi dinar exchange rate. The DG of CBI also said that Iraqi Central Bank is pressuring the Iraqi government to print new Iraqi dinar currencies to cover 30 billion U.S dollars Iraqi budget deficit and CBI announced its plan to issue 6 billion U.S dollars sovereign bonds, followed by 1.2 billion U.S dollars from the IMF.

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