The adviser to the Iraqi Central Bank Walid Edi said that Central Bank of Iraq has at least 50 billion U.S dollars in reserves including handsome amount of Gold reserves.
He also pointed out in a press statement that these reserves would cover Iraqi imports according to the internationally acknowledged time period. He further explained that the Iraqi Central Bank has planned to promote Iraqi banking sector and drew up branches of foreign banks of their capital funds corresponding with the capital money of Iraqi banks. He pointed out that the first increase should be at least 25 million U.S dollars in the capital of branches of foreign banks.
He further added that significant amount of reserves would also meet the requirements of the Iraqi private sector regarding import due to Iraqi imports are estimated at more than 95 percent. It is important that Iraqi government has decided not to import unnecessary items, but only for the private purpose of Iraqi ministries. He also added that there is not any other authority to handle the process of financing the imports for the private sector, so the considerable amount of reserves will support this process. Financial experts believe that it would empower Iraqi private sector and to stop the inflation rate in the country. It would also support Iraqi Dinar currency by supporting the Iraqi imports using reserves at CBI. Iraqi dinar investors also predicted that it would support in maintaining the Iraqi dinar exchange rate in the domestic markets.