Financial Kurdistan denies borrowing from banks licensed by the Central Bank of Iraq

The Ministry of Finance denied the Kurdistan Regional Government borrowing from licensed banks from the federal government, which has branches in the province. The ministry said in today clarifying that "not borrow any amount by the Government of the Territory of licensed banks by the Central Bank of Iraq and its branches in the Kurdistan region." It "has been used a fraction of the cash from the banks, and this is the nature of the work of these banks during the daily deal, and collect the balance from private banks as a result of dealing citizens and businesses, through the instruments and not through cash flow." The ministry showed "that the reason that led to this deal is to cut part of the province's budget for the year 2014 and 2015".