CBI announces cash reserves exceeds 87 billion USD
The Central Bank of Iraq. Photo: INA
Baghdad (IraqiNews.com) – The Central Bank of Iraq announced on Thursday that the country’s cash reserves reached a historical level as it exceeded 87 billion USD, according to statements reported by the Iraqi News Agency (INA).
The CBI advisor, Ihsan Shamran Al-Yasiri, told INA that the current cash reserves are the highest, and confirmed that the value of the Iraqi currency is higher than its real value by 130 percent.
Al-Yasiri indicated that the Iraqi currency is very strong because the cash reserves represent 130 percent of the funds in banks and other financial institutions, in addition to its function to meet the requirements of traders to import goods.
Al-Yasiri explained that the cash reserves are not an indicator for economic recovery. He added that the country’s economy was recovered previously while cash reserves were only 40 billion USD.
Al-Yasiri elaborated that the financial measures taken by the government are important to contribute to the economic recovery.
Al-Yasiri also mentioned that uncontrolled government spending indirectly affects the cash reserve. He expressed his hope that the reserve will exceed 100 billion USD.