Clare: he Central Reserve exceeded $90 billion, and revealed the date for offering the 20,000 class
The Central Bank of Iraq announced, today, Friday, that the cash reserve has increased, exceeding $90 billion.
The Central Bank’s advisor, Ihsan Al-Yasiri, said in a press statement that: “The cash reserve exceeded 160% of the value of the Iraqi dinar,” noting that “the value of the Iraqi currency or the balance exceeded 160%, as the value of the Iraqi dinar amounted to more than one and a half dinars.”
He explained, “This number is very large and indicates a barrier to the recovery of the economy and a great support for the value of the Iraqi currency.”
He expected, “The 20,000 dinars coin will be offered at the end of next year 2023.”
Al-Yasiri pointed out that “15 trillion dinars were granted as loans for industrial, agricultural, housing and trade projects.” LINK
Clare: The Central Bank announces that its cash reserves have exceeded the $90 billion mark
The Central Bank of Iraq confirmed, today, Friday, that the cash reserve exceeded 160% of the value of the Iraqi dinar, and while confirming the increase in the cash reserve exceeding $ 90 billion, it expected the introduction of the 20 thousand currency at the end of next year, confirming at the same time that granting 15 trillion dinars as loans for projects in four areas.
The Central Bank’s advisor, Ihsan Al-Yasiri, said in a statement to the Iraqi News Agency (INA): “For the first time, the central bank’s reserves exceeded the threshold of 90 billion dollars, as this number is very large and indicates a bulwark for the recovery of the economy and a great support for the value of the Iraqi currency,” pointing out that “The value of the Iraqi currency or the balance exceeded 160%, as the value of the Iraqi dinar amounted to more than one and a half dinars.”
He added, “The Iraqi currency is now witnessing a significant rise and recovery, as it is considered one of the strong international currencies, although it is not an international currency for circulation,” noting that “the government and the Ministry of Finance have an opportunity to assign fragile and poor groups and retirees with low salaries and those covered by social protection and retirees through this Funds by allocating part of it within the 2023 budget.
Regarding banking control procedures, Al-Yasiri said: “The government program is concerned with controlling government banks, and private banks, since the latter are part of the banking sector and are covered by government control measures.”
He pointed out that “the Central Bank has shifted from its traditional policy, which is represented by pursuing stability and issuing cash and others, to a large development institution, as it launched a development fund whose funds exceeded 18 trillion dinars,” noting that “this fund contributed to bridging the government financing gap as a result of security and economic challenges and price drops.” successive oil since 2014 until now.
He continued, “The bank launched initiatives and projects through loans that exceeded 15 trillion dinars for industry, agriculture, housing and trade projects,” noting that “the initiatives also included empowering women and unemployed youth,” in addition to allocating billions of dinars from bank funds to support cultural institutions, including rehabilitation. Al-Mutanabbi Street, churches, mosques and theatres.
Regarding the new 20,000 dinars category, Al-Yasiri stressed that “the 20,000 dinars category is an intermediate currency between 25,000 and 10,000, as it will have a role in redrawing the structure of banknotes,” noting that “this category will be acceptable and with high security specifications.”
And he continued, “The issuance of this category is not related to the budget, since the Central Bank has an independent budget, but rather it is related to printing procedures, choosing colors and security marks,” suggesting, “This currency is issued at the end of 2023.” LINK