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[size=30]Central: The current cash reserve of $ 48 billion[/size]
25/12/2017 01:08 | Number of readings: 171
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Trend Press / Baghdad
BAGHDAD (Reuters) - Iraq's cash reserves currently stand at 48 billion US dollars (57.5 trillion Iraqi dinars), the central bank governor said on Monday.
"The Central Bank of Iraq bought treasury bills worth 16 trillion dinars during 2015 and 2016, to provide liquidity to control the economic and financial performance in Iraq."
He added that the bank, in cooperation with the Ministry of Finance and in direct coordination with the Prime Minister, was able to reduce government spending and increase some of the local revenues, which contributed to reducing the deficit gap.
The Governor of the Central Iraqi, that in the past two years, the dollar revenues from Iraqi oil exports decreased by about 50%.
"This has put great pressure on monetary policy, with government spending not falling the same percentage, which has put pressure on foreign currency to cover this difference."
He pointed out that "accumulated reserves of the bank for previous years, was able to absorb that shock, in addition to controlling the balance between the exchange rate and reserves and inflation, noting that the reserves of the bank began to rise gradually."
He pointed out that "Iraq depends mainly on the management of its foreign exchange resources on its oil exports, and reserves depend on the result up and down, noting that this was affected by the decline in oil prices."
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