International Monetary Fund Reveals High Iraqi Foreign Exchange Reserves
International Monetary Fund Reveals High Iraqi Foreign Exchange Reserves
27/07/2019 02:20 PM
The International Monetary Fund (IMF) said on Saturday that Iraq’s foreign reserves rose to 65 billion dollars as a result of the surplus in public finances.
The International Monetary Fund said in a press release received “Covenant News” a copy of it , after the conclusion of the Executive Board Article IV consultations in 2019 with Iraq ‘s “total international reserves reached US $ 65 billion in the end of 2018.
He pointed out that “the rise due to the recovery of oil prices and reduce the weaknesses in the Iraqi economy and the formation of margins of safety in public finances.”
The International Monetary Fund predicted that foreign reserves would fall below adequate levels as a result of the decline in public finances after a 27 percent increase in spending and weak revenues due to the cancellation of non-oil taxes.
On the other hand, a source in the Ministry of Finance, “The reserve was refreshed when Dr. Sinan al-Shabibi governor of the Central Bank in 2010 and reserves of 78 billion to it fell and collapsed after the departure of Shabibi and because of the auction of uncontrolled currency and non-fundamental approvals for the establishment of private banks And outlets selling currency undisciplined and legal violations
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