On Tuesday, the Central Bank of Iraq has been experiencing a continuous decline in its reserves, so CB has reduced sale of the U.S dollars at its daily sales auction of foreign currency. It seems a natural process due to lower selling price. The CBI stressed that this decline was essential and this strategy has its own importance in the social and economic process. The Iraqi Central Bank pointed out that CBI has handsome amount of reserves and these reserves are sufficient in managing Iraqi imports for a long time period. CBI also pointed out that maintaining the price of Iraqi dinar currency is due to maintaining the deficit in the Iraqi federal budget.
The Governor of Iraqi Central Bank delivered his words in a press interview and said that the continuous decline in the reserves at CBI is a natural process due to a massive downfall in the global oil prices, it directly affected badly on the financial revenues of Iraq. He added that the policies of Iraqi Central Bank were excellent and based on required balance between maintaining the stability if Iraqi dinar currency and meet the requirements of imports. He further added that this action should not be considered ineffective because it would achieve the most important social & economic targets. He confirmed that CBI has an excellent amount of reserves to fulfill Iraqi import requirements for at least next six months. He said that the IMF was surprised after experiencing a rise of 10 billion U.S dollars in the reserves of foreign currency at CBI.