Official Document Indicates Iraqi Oil Imports Vs CBI Sales of Foreign Currency

Iraqi Dinar 123 News:– A study based stats showed an official data regarding the Iraqi oil imports which was amounted at least 90 percent of the Iraqi federal budget. The stats indicated a minimal increase during the first quarter of the current year 2016 as compared to the sales at the CBI auction of foreign currency during the same period of time. The first four months (January, February, March & April) data of Iraqi Oil Ministry shows the estimated oil sales amounted at 10 billion & 748 million U.S dollars as compared to the sales of foreign currency at the Iraqi Central Bank during the same time period. The CBI sold 10 billion, 118 million and 308 000 & 524 U.S dollars, and most of them were Khawwalat.

It also rose heavy corruption, fraud, smuggling and money laundering. The total oil imports were amounted at 629 million, 691 thousand and 478 U.S dollars as compared to the sales of foreign currency at the Iraqi Central Bank in the first quarter of current year 2016. The Iraqi Finance Committee presented an official document in the Iraqi Parliament regarding the total sales of the U.S dollars in the last year 2015. The documents indicated the total amount of Iraqi imports of foreign currency collected by the sale of Iraqi crude oil during the same year. The documents also indicated the total oil revenues of the state were amounted at 38 billion U.S dollars in the year 2015, but the sales of foreign currency at the Iraqi Central Bank was estimated at more than 44 billion U.S dollars.

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