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Iraqi cash reserves rise to $ 50 billion

The Committee on Economy and Investment parliamentary, on Saturday, exceeded the cash reserve with the Central Bank of Iraq to about $ 50 billion, due to the high global oil prices and the completion of military operations against the organization, “Daash” criminal.

“The cash reserve with the Central Bank of Iraq exceeded 50 billion dollars after a decline lasted for several years because of the decline in oil prices and economic loss after the invasion of gangs and urged several provinces in 2014,” said a member of the committee Najeeb Najib.

“The rise in oil prices and the completion of military operations against the criminal advocate raised the cash reserve in the central bank,” adding that “the rise in Iraqi cash reserves will contribute to increase the confidence of foreign investors and increase the profits of the bank from the sale of the dollar.”

Najib explained that “the cash reserve decreased last year to about 45 billion dollars, while in 2016 to about 43 billion dollars after the government withdrew amounts to pay the deficit in the budget.” Source