CBI announces cash reserves exceed 90 billion USD
The Central Bank of Iraq. Photo: Shafaq News
Baghdad (IraqiNews.com) – The Central Bank of Iraq (CBI) confirmed on Friday that the cash reserves exceeded 90 billion USD, according to the Iraqi News Agency (INA).
CBI advisor, Ihsan Al-Yasiri, mentioned in a statement that the new level the Iraqi cash reserves reached indicates the recovery of the economy and represents a great support for the value of the Iraqi currency.
Al-Yasiri pointed out that the value of the Iraqi currency exceeded 160 percent, as the value of the Iraqi dinar exceeded one and a half dinars.
Al-Yasiri elaborated that the Iraqi currency is now witnessing a significant rise and recovery, as it is considered one of the strong currencies.
The CBI advisor explained that the government and the Ministry of Finance have an opportunity to allocate part of these funds, in 2023 budget, to support the poor, those with limited income and retirees.
Al-Yasiri indicated that the CBI shifted from its traditional policy represented in maintaining stability and the issuance of banknotes, and became a large development institution, as it launched an 18 trillion Iraqi dinar (nearly 12.38 billion USD) development fund.
This fund contributed to bridging the government funding gap caused by security and economic challenges and the successive declines in oil prices since 2014, Al-Yasiri clarified.
Regarding the issuance of a new denomination of 20 thousand dinars, Al-Yasiri stressed that it will play a role in redrawing the structure of banknotes, noting that this denomination will have high security specifications.
Al-Yasiri added that the issuance of a new denomination of 20 thousand dinars is not related to the budget, since the CBI has an independent budget, but it is related to the printing procedures, the selection of colors and security marks.
Al-Yasiri added that the issuance of the new denomination most probably will take place at the end of 2023.