Important statement by the CBI Governor at a Seminar

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On Saturday, the Governor of the Iraqi Central Bank delivered his words that there are at least 140 billion U.S dollars expenses in the institutions of the state.

He also stressed that decrease in the Iraqi dinar exchange rate against the U.S dollar would not be in the favor of Iraqi citizens. He issued this statement in a seminar, which was conducted by the Iraqi Economic Council on the current economic crisis in the country. He also added that strengthening the U.S dollars price serves the Iraqi Central Bank, but also affects badly to Iraqi citizens due to the increased prices of basic goods and materials. He said that revenues from oil exports have been reached 20 billion U.S dollars and it is participating to overcome most of the Iraqi budget 2016 deficit problems.

The Governor of CBI stressed that Iraqi Central Bank is considering the elements caused rise in the U.S dollar price in the time period of 2006-2009, which is amounted in trillions of Iraqi dinars. He explained that our investigations opened the unified accounts of all state institutions, we discovered that at least 6.5 trillion Iraqi dinars funded by the state-institutions and 23.5 trillion Iraqi dinars from self-funded institutions. He added that at least 8 trillion Iraqi dinars referred to retirement and 5 trillion Iraqi dinars for tax guarantees, and 34 trillion Iraqi dinars for trading. The total deposits of 70 trillion Iraqi dinars of banks and more than 42 trillion Iraqi dinars have not been calculated. He pointed out that Iraq in threatening condition due to bankruptcy with the existence of 140 billion U.S dollars as current assets for the institutions in the country.

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