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Central Bank: Iraq’s total foreign currency revenues reached 706 billion US dollars in 13 years

Iraq’s total foreign currency revenues reached 706 billion US dollars in 13 years, the central bank said Monday, noting that the Iraqi Trade Bank had spent 156 billion dollars on government imports.

A statement by the Central Bank received / Mawazin News, a copy of it, “Since 2003 until recently, the Iraqi economy witnessed a rise in oil resources significantly accompanied by high global oil prices, followed by the numbers of public budgets to high amounts over the past years, and The basis for this is the discussion among specialists and non-specialists debate about these large dollar revenues and what size and how they were disposed of and the doors of spending, we hear from time to time shaded data based on inaccurate information that harm the reputation of Iraq.

“In order to remove the suspicions and confusion that prevails in this matter, we have clarified the size of the real foreign revenues received by Iraq by preparing a matching of the Iraqi government’s receipts of foreign currency and the doors of spending for the period from 2005 to 2017.”

He added that “the total amount of receipts of the Ministry of Finance from foreign currency, during the years 2005-2017 approximately 706.23 billion US dollars, and the amount of which spent 703.11 billion dollars, or 99.5% of the total revenue, and the remaining as at 31/12/2017 A role to the opening balance for the Ministry of Finance at the beginning of 2018.

He pointed out that “this spending is distributed at different doors, the most important of which is the monetary appropriation (the currency auction), which is the Ministry of Finance spending in the general budget, which amounted to about $ 488.6 billion during the years 2005-2017, or 69.5% of total expenditure, followed by Iraqi government revenues for the same period, which are through the Iraqi Bank for Trade (TBI) $ 156.9 billion, 22.3% of total expenditures, and then expenditures for the payment of contractors and service contracts of oil and military payments of $ 41.5 billion, or 5.9% of total expenditure, The rest, which accounts for 2.3% of the total expenditure, was directed.

He continued, “The year 2012 is the highest year in terms of revenue with a total revenue of $ 106.23 billion, and 2013 is the highest year in terms of spending with a total expenditure of approximately $ 97.45 billion, and the total revenue for the period 2005-2013 By 21.7% compared to a 5.4% growth rate for the years 2014-2017. Total expenditure grew by 24.3% for the period 2005-2013 and a negative rate of 9.1% for the period 2014-2017. Source