In Almaalomah

Economist: Increased foreign exchange reserves contribute to the internal debt

Economist Salama Smisem said on Tuesday that Iraq’s foreign currency reserves will increase from the dollar to guarantee the stability of the local currency and the market, indicating that this increase will end dependence on foreign loans and contribute to the total internal debt.

“The continued increase in the foreign currency reserves in Iraq is evidence of the recovery of the economy and its growth after the crisis that hit the country,” Smsem said in a statement to the “Information” that “raising the monetary reserve contributes to the stability of the dinar exchange rate and strengthen its global standing as well as the possibility of Investing it as an ideal guarantee of the economy. ”

She added that “the economic abundance of the government will contribute to reducing dependence on foreign loans, as well as the possibility of repayment of internal debts such as dues of farmers and contractors and the remaining investment in the establishment of schools and urban life.”

On Tuesday, Central Bank of Payments director-general Suha Abdul Karim announced the rise in foreign exchange reserves from $ 40 billion to $ 62 billion, while the bank’s success in controlling inflation was confirmed. Source