The Central Bank of Iraq confirms that its cash reserves have exceeded the $90 billion barrier.

The Central Bank of Iraq confirmed today, Friday, that its cash reserves exceeded 160% of the value of the Iraqi dinar, exceeding $90 billion.

Central Bank Advisor Ihsan Al-Yasiri said in a statement to the Iraqi News Agency that: “For the first time, central bank reserves have exceeded the $90 billion threshold as this figure is very high and indicates a barrier to economic recovery and greater support for the value of the Iraqi currency,” stating, that “the value of the Iraqi currency or balance exceeded 160%, since the value of the Iraqi dinar was more than one and a half dinar.

Al-Yasiri added: “The Iraqi currency is now experiencing significant growth 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 will be able to highlight vulnerable and poor groups and low-wage pensioners, as well as those covered by social protection and pensioners from this money, part of which will be allocated under the 2023 budget.
Al-Yasiri said: “The government program concerns the control of state banks and private banks, since the latter are part of the banking sector and are subject to state control measures.”
He pointed out that “The Central Bank has moved from its traditional policy, which is the pursuit of stability and the issuance of cash and others, to a major development institution as it launched a development fund whose funds exceeded 18 trillion dinars”, noting that ” this fund helped bridge the gap in public funding resulting from security and economic problems, as well as falling prices.”
And he continued: “The Bank launched initiatives and projects through loans that exceeded 15 trillion dinars for projects in industry, agriculture, housing and trade”, noting that “the initiatives also included the empowerment of women and unemployed youth”, in addition to the allocation of billions of dinars. at the expense of bank funds to support cultural institutions, including the rehabilitation of Al-Mutanabbi Street, churches, mosques and theaters.
Regarding the new category of 20,000 dinars, Al-Yasiri emphasized that “the 20,000 dinars category is an intermediate currency between 25,000 and 10,000, as it will play a role in changing the structure of banknotes”, noting that “this category will be acceptable and with high safety features.
And he continued: “The issuance of this category is not related to the budget, since the Central Bank has an independent budget, but rather is related to printing procedures, color selection and security marks,” suggesting: “This currency is issued at the end of 2023.”

Source: Iraqi News Agency.