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Showing results for tags 'iraq is broke.'.
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Here's an article of Dinarian interests... Iraq is broke...is rapidly running out of cash. Global recession & low oil demand blamed. Can there be an RV-RI at this time? Treat as a rumor. Not verified. Your opine. Tlm724 Administrator Bondlady’s Corner: Warnings Of Running Out Of Iraqi Cash Reserves Due To Indicators Of The International Economy. ARTICLE: Today, the economist, Bariq Shubar, warned of the depletion of the Iraqi cash reserves, due to the indicators of the international economy & the state of contraction & the occurrence of actual deficits in the general budget & the Iraqi balance of payments. Shubbar expected, in press statements, a contraction of the general international economy, a drop in oil prices & a decline in export revenues, with the continuation of planned government spending in the 2023 budget & subsequent years, which will cause a state of fiscal deficit & depletion of reserves of foreign currency & gold. He said, “The increase in cash reserves is very important for the future of Iraq's economy, because of its strategic importance, but the fiscal & monetary policy pursued by successive Iraqi governments failed to use the reserves for sustainable development purposes.” He pointed out that “the total cash reserves announced by the CBI include the financial abundance achieved in the past year belonging to the Ministry of Finance & it will be withdrawn by the US Federal Bank after passing the 2023 Budget.” Shubar emphasized that “the central bank sells large amounts of Dollars, which are leaving large amounts of it outside Iraq & this means that an inevitable decrease will be exposed to the cash reserves.” The CBI revealed a new statistic that showed the increase in foreign exchange reserves & the quantities of gold available as strategic storage, in addition to its progress in the global ranking among the countries that have the most gold reserves. The statistic, which was published yesterday, showed that the cash reserves of the Dollar rose until the end of May 2023 to 111.7 billion Dollars, from about 77 billion Dollars a year ago & the gold reserves rose to 132.7 tons from 96.4 tons a year ago. According to the same statistic, Iraq ranked 30th in the world in gold reserves, eight places higher than it was in May 2022.
