Al-Sheikhly Reveals The Amount Of Cash Reserves That Iraq Possesses

Al-Sheikhly Reveals The Amount Of Cash Reserves That Iraq Possesses

07/14/2022

Al-Sheikhly Reveals The Amount Of Cash Reserves That Iraq PossessesEarth News/ The financial and banking expert, Abdul Rahman Al-Sheikhly, revealed today, Thursday, the amount of cash reserves that Iraq possesses.

Al-Sheikhly told Earth News, “Today, Iraq has more than 70 billion dollars in reserves for its local currency, which is considered today (a difficult currency) in itself because it is covered completely, and because of the rise in oil prices globally and the increase in the amount of its production after the OPEC + decision to allow Iraq to increase the production rate increased. Iraq’s hard currency reserves.

He added, “For this number, it is believed that it will rise to more than 90 billion dollars before the end of this year, and this rise has formed Iraq’s stairway among the largest countries that own a record reserve that exceeds what is determined by the standards of the Bank and the International Monetary Fund,” noting that “the scope for disposing of this large reserve created A state of confidence in the local currency internationally, which increases the chances of global credits for Iraq and its investment projects, especially if all internal and external debts are extinguished, of which the foreign ministry today does not exceed only $20 billion.

Al-Sheikhly indicated that “it is possible to benefit from this reserve by managing the ration file and increasing support for the services provided to the citizen, who has not yet sought any benefit from this increase, due to the mismanagement of the economic file and the spread of corruption in its facilities, whose benefit was limited to political and governmental influentials.”

He pointed out that “as for Iraq’s gold reserves, only the data of the Central Bank of Iraq amounted to 96 tons last February, and thus Iraq has ranked (38) globally among the countries with the most reserves.”

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