Iraqi Financial Reserves have Increased: Iraqi Central Bank

On Thursday, 11th May 2017, the Governor of Iraqi Central Bank issued a statement that Iraqi foreign currency reserves have increased by 49 billion U.S dollars, since it was in the year 2016. He said in his statement that the Central Bank of Iraq was able to manage and maintained the foreign currency reserves at an acceptable level by up to 70 % and according to the international standard, in spite of continuous decline in the global oil prices. The main criteria for the utilization of the CBI reserves was covered by the Iraqi local currency by considering how much we have Iraqi dinars and required U.S dollars. It was also said that the amount of foreign hard currency reserves at CBI have been exceeded than the amount of local Iraqi currency of Iraqi dinars. It has been considered within the standard acceptability of CBI reserves.

Iraqi Financial Reserves have Increased: Iraqi Central BankIt prompts the International Monetary Fund to count the Iraqi reserves at a reasonable level and it should be assured by the honor of the standby credit agreement. The statement further explained that the current foreign currency reserves ranges between 47 billion and 49 billion U.S dollars and it has been considered a significantly higher level than the reserves level for the year 2016. The Governor said that “We don’t feel any concern regarding these reserves within the global indicators”. The Iraqi Ministry of Communications is planning to set up (ATM users card) MasterCard from its outlets in the post offices of Baghdad and other provinces. The Director of the courier company Zainab Abdul Sahib said in a statement that her courier company has synchronized with the Iraqi Central Bank in participation with the local Iraqi companies including one Iranian company in order to set up ATMs at post offices for their distribution in Baghdad and other provinces in the country.

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