Iraqi MP says foreign reserve drop causes economic "collapse"IQCB.UL - BBC Monitoring
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    Iraqi MP says foreign reserve drop causes economic "collapse"IQCB.UL - BBC Monitoring

    Iraqi MP says foreign reserve drop causes economic "collapse"IQCB.UL - BBC Monitoring Service
    07-OCT-2016
    06:20:49 AM

    By BBC Monitoring


    Parliament Finance Committee's member Ahmed Sarhan have warned against the "collapse" of the country's economy due to the financial crises resulting from the decline in the cash reserve of foreign currency at the Central Bank of Iraq (CBI), pro-Kurdistan Democratic Party (KDP) news portal Rudaw reported on 7 October.


    Rudaw quoted the MP as adding that "the decline in the Iraqi dinar's exchange rate against foreign currencies is linked to the CBI's statements on the drop of foreign reserve".


    Sarhan urged the government to "rapidly resort to borrowing from the International Monetary Fund and international banks" warning against the "collapse of the dinar and the economy if no urgent steps were taken".


    Earlier this month, the CBI announced that its foreign reserve dropped to 50 billion US dollars, against 53 billion in June.

    Source: Rudaw website, Arbil, in Arabic 0913 gmt 7 Oct 16


    BBC Mon ME1 asa


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  2. #2

    Re: Iraqi MP says foreign reserve drop causes economic "collapse"IQCB.UL - BBC Monito

    reminds me of our congress years ago...some bs about failing off the fiscal cliff. but our government saved the day...no comment...so will the GOI/IMF

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