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The Central Bank of Iraq Announces a Decrease in Iraqi Foreign Currencies to US$49 Billion

Governor Ali al-Alaq, in a press conference, pointed that Iraqi revenues mostly depend on oil sales.

Baghdad/ Iraq TradeLink: The Central Bank of Iraq announced today 
the decrease in its foreign 
currency to 49 billion dollars due to the continued decline in oil prices.


Governor Ali al-Alaq, in a press conference, pointed that Iraqi revenues mostly depend on oil sales.

He added that the bank is dealing with about 2000 money exchange companies, 30 money transfer companies and 65 banks, where all are included in the daily dollar auction of the CBI.

Governor ala-Alaq pointed that the CBI will release the payment of Iraqi contractors next March.

Last June, 2016, the CBI disclosed that the reserves reached to 53 billion dollars, with a decline of 15 billion dollars of 2015 reserves which reached to 68 billion dollars.

Iraq is encountering an  economic crisis that obliged it to minimize it general budget and began the austerity measures for this year's 

Source: Iraq TradeLink

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