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Iraqi Foreign Reserves Decline US$21 Billion in Three Years

Governor Ali al-Alaq stated, before the Iraqi parliament, that the reserves of the CBI at the end of 2014 reached to more than 66 billion dollars

Baghdad/ Iraq TradeLink: Iraqi foreign currency declined to about 21 billion dollars during the last  three years due to the decline in oil prices and the needs of the current war against Da'ish (ISIS) organization, Governor of the Iraqi Central Bank declared.

Governor Ali al-Alaq stated, before the Iraqi parliament, that the reserves of the CBI at the end of 2014 reached to more than 66 billion dollars, but it declined in 2015 to 53 billion dollars, while 2016 figures were reached to 45 billion dollars.

He pointed out that the CBI used to support the national budget through buying the treasurary stocks, because "without doing so, the general situation in the country will collapse".

"The CBI contributed in the most critical years of 2015 and 2016, particularly that the contributions reached 20 trillion Iraqi dinars, which is not against the law", he elaborated.

"The talks with the International Monetary Fund proved that there will be no problem in the reserves till 2021", he disclosed.

In October, 2016, the Governor announced that the foreign reserves were declined to 50 billion dollars, while previous figure was 59 billion dollars at the end of October, 2015, according to a governmental note directed to the International Monetary Fund in January, 2016.
Iraq owns 142 billion barrels of oil of fixed reserves that forms 9% of international oil reserves, with a daily production of 4.5 million barrels that meet his needs of foreign currency.

Experts warned, earlier, that will reach to the critical status due to governmental withdrawal of funds from the CBI to meet the continuing deficits in the budget and the decline in international oil prices.

Source: Iraq TradeLink

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