Iraq is losing a quarter of the cash reserve

Iraq is losing a quarter of the cash reserve

It revealed a government source for "new Arab", a reduction of the Central Bank of Iraq's foreign exchange reserves to the levels described as "Palmkhaevh", reaching the beginning of the month of September / September of this nearly $ 52 billion, compared to B68 billion dollars in the same month last year , a decline of $ 16 billion, representing a decrease of 23.5% over the year. 
The Iraqi central bank refrained from the solemn declaration on the developments in the foreign currency reserves of almost a year ago. 
According to a senior official at the Iraqi Ministry of Finance , for "new Arab", "keen Central Bank and the presidency of the Iraqi Council of Ministers on the non - disclosure of official reports, during the recent period, due to the alarming and significant decrease in Iraq 's reserves of hard currency , " adding that they reach only $ 52 billion currently, after the government's borrowing large sums of money from the bank without having them back, and the loans were aimed at financing the purchase of weapons and ammunition for the Army deals, and pay staff salaries and members of the armed forces and militias popular crowd. 
The official added, "that part of the money lost bear the responsibility of the central bank, there are suspicions of fraud in the sale of daily currency auction, a large disparity between the price at which it sells with a price in the market." 


"It is not only foreign currency, gold reserves and even saw a decline, where Iraq has a reserve of 89 tons of gold the end of 2015, and there are currently only about 80 tons total public state reserves, we do not know where he went the rest?".
And it controls the management of the Central Bank of Iraq , the leaders of the Islamic Dawa , led by former Prime Minister, Nouri al - Maliki, who marked his reign of corruption and the loss of around 560 billion dollars of Iraqi funds Party, is still $ 480 billion , of which an unknown fate, according to international and internationalist to various reports. 
And he refused to senior officials at the Central Bank's management, answering questions posed by the "new Arab", about the reasons for the decline cash reserve, claiming the need to take approval from senior management at the bank before talking to any media outlet. 
He warned the economy and parliamentarians experts from entering Iraq in danger again, with the continuation of the withdrawal of the Iraqi government from the central bank reserves to cope with the worsening budget deficit, with the decline in global oil prices and consumption of the country, about a third of the budget on a monthly salary, and another one-third of the department in the country's war years . 
The Iraqi Prime Minister for Financial Affairs Adviser, the appearance of Mohammed Saleh, said in May / May the past, Iraq will suffer from the financial gap of $ 50 billion over the next three years, the "Iraqi projects will be presented and the stability of the country at great risk." 
Saleh added that "Iraq agreed with the IMF on a special program of fiduciary arrangements, the Fund will enter for the first time in the field of corporate governance and financial verification in Iraq." 
He was a member of the Committee on the economy and investment in Iraq's parliament, Abdul Salam Malik, said in a press statement, the end of last week, said he had unconfirmed information that indicates low central bank reserves of foreign currency to a large degree threatening to bankrupt the country. 
He held the owner, the central bank, the legal and moral responsibility in the event of failure to take quick and decisive action to stop foreign currency smuggling of dollar operations under the name of "windows of the central bank to drain the currency", which caused the depletion of currency and low reserve, pointing out that the Bank will issue any statements on Reserve For a long time. 
He accused the owner, the central bank, failing to control the exchange rates of foreign currencies, despite the many promises made by the actions announced, and that was the result spoilers increase the wealth and increasing poverty of the citizen, as he put it. 
In turn, the national coalition led by Iyad Allawi, in a press statement issued recently, criticism of the auction sale of the currency, and said that "the dollar in the domestic market prices of corrupt management are living on the difference between the official exchange rate with the parallel market window." 
The statement said that the so-called "currency auction" is non-existent in countries that adopt the practice of a market economy, and proved experimentally that they lead to a waste of money without supervision. 
This comes with the assurances of the Knesset Finance Committee in Baghdad that Iraq's reserves of cash currency amounted to $ 55 billion, while gold reserves amounted to 80 tons. 
A member of the parliamentary finance committee, Ahmed Sarhan, said in a statement last week that Iraq's reserves of gold and currency, year after year decline, which is exacerbated by the economic crisis. 

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