Reserves at the Central Bank of Iraq reached over $50 Billion

The Iraqi Central Bank has announced that the reserves at CBI have exceeded over 50 billion U.S dollars. The Governor of CBI Ali Al-Aalak issued a press statement that the cash reserves at the Central Bank of Iraq are now more than 50 billion U.S dollars. Point to be noted that the above-mentioned figure is related to normal rates according to local currency and standards defined by the International Monetary Fund. Al-Aalak added that the Iraqi Central Bank has continued printing local currency due to the old and damaged currency. This major role of CBI would allow maintaining the balance between cash reserves and the offer of Iraqi local currency. He also pointed out that this step has been taken due to time to time rising issue of fake Iraqi local currency as a number of frauds were detected by the Central Bank of Iraq using specific tools and mechanisms.

Reserves at CBI

Al-Alak stressed that “the percentage of forgery found and discovered by the bank does not exceed 6 sheets per million paper, and when discovered, are imposed large fines on banks or entities that deposit”. Rasheed Bank has launched Nakheel Card Mastercard for government employees with unique features in cooperation with the Iraqi eGovernment Portal for Financial Services {SWIG} and MasterCard Worldwide. “The Nakheel card is a new product that provides employees with an unprecedented level of electronic payment solutions to translate and implement the vision of the Central Bank of Iraq to achieve financial coverage in Iraq,” the bank said in a statement. He added that “the card avoids the use of cash money {cash} in all transactions financial where the card can be used in Iraq and around the world for shopping from shops and payment of services through points of sale POS, ATM cash withdrawals, and online shopping from And the applications that accept MasterCard. The employee can also issue MasterCard cards to his family members and pack them from his account or from the bank’s branches or competitors”.

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