The Central Bank reveals the size of Iraq’s external debt
The Central Bank reveals the size of Iraq’s external debt
10-30-2024
Information/ Baghdad..
The Governor of the Central Bank, Ali Al-Alaq, revealed today, Wednesday, the size of Iraq’s external debts, while indicating that Iraq has cash reserves estimated at more than 100 billion dollars.
Al-Alaq said in a speech during the second day of the “Miri” Forum held in Erbil, which was followed by the / Al-Maalouma / agency, that “the role of the Central Bank cannot be reduced by looking at the currency selling window only,” stressing that “the Central Bank represents a fundamental pillar of the economic and financial pillars in the country.”
He added, “Iraq started in 2003 with zero mandates,” adding that “foreign currency reserves exceed 140% of the issued currency.”
He continued: “We have licensed 16 companies for electronic payment, and the Central Bank is working on licensing digital banks,” indicating that “the Central Bank is establishing a company that will organize electronic payment, using the best technologies and methods, and it has reached advanced stages.”
Al-Alaq pointed out: “About 40% of the banks in the world seek to directly stimulate the economy in Iraq,” adding that “the large deficit in the budget comes from the overall increase, which is offset by growth in revenues, especially local ones.”
He explained that “Iraq still depends almost entirely on oil revenues and that the level of cash liquidity during the year has not witnessed any increase,” concluding by saying that “the external debt is less than 20 billion dollars.”
almaalomah.me
