Deputy warns of collapse of the Iraqi economy

Economy 10/07/2016 11:07

He warned the parliamentary finance committee member Ahmed Sarhan, Friday, from the collapse of the Iraqi economy as a result of the financial turmoil resulting from the decline in the cash reserve of foreign currency at the Central Bank of Iraq.

Said Ahmed, told Anatolia, said that "the decline of the Iraqi dinar exchange markets in exchange for foreign currency is linked to the announcement of the Central Bank of Iraq, the low financial reserves of foreign currency," stressing that "the dinar will continue to drop against the dollar in the absence of the development of urgent solutions."

Ahmed added that "the government is required to quickly borrow from the IMF and other global banks, fund, and maintain foreign currency reserves in the Central Bank of Iraq," warning "the collapse of the Iraqi dinar and the deterioration of the economy in the event of rapid action is not taken by the government."

The Iraqi Central Bank announced last Wednesday, a decrease of foreign currency reserves to $ 50 billion during the four months after it was $ 53 billion last June.

And it recorded the Iraqi dinar exchange rates, on Thursday, a big drop against the dollar in trading stocks Iraqi banking financial terms reached 1331 dinars to the dollar after it was over more than a year for a stable (1230-1290) dinars to the dollar.

Iraq is facing an economic crisis forced him to reduce the size of the financial budget as a result of the drop in oil prices to below $ 40 per barrel, and start a policy of austerity within the annual federal budget.

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