Why Reserves at CBI Decreased $21 Billion?

Why Reserves at CBI Decreased $21 Billion?

A representative of Iraqi Parliamentary Economic & Investment Commission issued a statement that there is a significant drop in the size of cash reserves at the Iraqi Central Bank and estimated at 21 billion U.S dollars.

It is due to unstable financial & economic condition and financial crisis in the country. The member of Commission MP Haris Shanshal said in a press interview that the financial crisis in the country and threatening corruption in all forms in the state. It reflected various negative impacts on the economy of the country including the cash reserves at the Iraqi Central Bank. He further added that two years ago, the cash reserves of hard currency at the Central Bank were 76 billion U.S dollars, but now those reserves are at 55 billion U.S dollars. It clearly indicates a massive drop of 21 billion U.S dollars.

Iraqi dinar
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A few months ago, a representative of Iraqi Parliamentary Economic & Investment Committee issued a statement that the government of Iraq will use the cash balance of hard currency at the Iraqi Central Bank in order to pay salaries to state employees in the current financial crisis in the country. An authentic source at the Iraqi Central Bank also said that during the last period, the government of Iraq made withdraw of 10 billion U.S dollars from the reserves at the Iraqi Central Bank. The source further added that the reserves at the Iraqi Central Bank are continuously dropping because the Central Bank of Iraq had sold a large amount of U.S dollars in its daily sales auction and the withdraw by Iraqi government to meet current financial requirements in the country.

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