Iraq’s foreign reserves are a treasure in a ruined house..
The size of the official foreign reserve reached the level of 91 trillion Iraqi dinars, a level it has not reached since May 2014, when it reached more than 94 trillion Iraqi dinars.
With the amount of dollar supplied in the local market, Iraq’s retention of high reserves can be compared to a person who hoards gold while he lives in a ruined house and does not have the basic services of life.
Except for the oil sector) with a high rate of GDP, in addition to the high levels of poverty and unemployment, which is evidence of the misuse of state resources and poor planning for the development and diversification of the Iraqi economy.
It was more useful, instead of raising foreign reserves, to work on launching various initiatives that contribute to strengthening the Iraqi economy, working on building infrastructure projects for the country by financing these project, and also working on adopting initiatives that reduce inflation and poverty levels by supporting various basic products that contribute to increasing Inflation rates and reducing the level
of poverty.
The Central Bank should expedite the launch of financing initiatives for real industrial, agricultural and tourism projects and work to launch financing initiatives to support education and increase human capital in addition to launching initiatives to support the poor and destitute classes, and that its goal is to work on building a sustainable economy and work to reduce the level of poverty illiteracy and reduce the level of inflation, and after improving these levels and making them normal, it is then possible to work on increasing foreign reserves and to be proud of their rise.
The rise in reserves is similar to the story of a man who wished that everything he owned would turn into gold, and his wish was fulfilled, which made even food turn into gold, which made him starve to death.