CBI reveals current foreign reserves exceed 99 billion USD
The Central Bank of Iraq. Photo: Iraqi News Agency
Baghdad (IraqiNews.com) – The Central Bank of Iraq (CBI) revealed on Monday that its current foreign reserves exceed 99 billion USD, and announced the launch of an electronic platform for foreign trade, the Iraqi News Agency (INA) reported.
The deputy governor of the CBI, Ammar Hamad, said in a statement that the foreign cash reserves exceeded 99 billion USD, pointing out that it will reach 100 billion USD within a short period due to the rise in oil prices, Al-Iraqiya News mentioned.
Hamad stressed that the rise in foreign reserves is a positive indicator for the Iraqi government and the CBI as it will contribute to the stability of the exchange rate and the local currency.
Hamad also explained that the work on the foreign trade electronic platform continued for more than one and a half years, and it aims to organize money transfer between Iraq and other countries, as well as financing foreign trade.
Hamad elaborated that this electronic platform is the only way to finance foreign trade, and noted that private and government banks have sufficient information about the mechanism for using the platform.
Hamad clarified that documentary credits will be financed at a subsidized exchange rate of 1,465 dinars to one U.S. dollar.
Hamad added that the electronic platform is an opportunity for merchants, investors and company owners to finance their trade and facilitate their financial work.