Businessman Manar Al-Ubaidi revealed, on Sunday, the assets of the Central Bank of Iraq and the reserves of gold and foreign exchange.
Al-Ubaidi said that “the total assets of the Central Bank of Iraq as of November 30 of the previous year amounted to more than 103 trillion dinars, an increase of 0.5% compared to the same period of 2017.”
He added that “the value of gold reserves amounted to 5.3 trillion Iraqi dinars, a decline of 3% compared to the same period. As for the value of foreign exchange in the treasures of the bank, it reached 1.99 trillion, a decline of 29% from the same period.”
He pointed out that “the value of the issued currency amounted to 51 trillion dinars, an increase of 2% compared to the same period in the previous year. As for bank deposits, they increased by 5% to reach 25.8 trillion dinars.”
Al-Obaidi added, “The ratio of the currency issued is one of the major challenges, as the source cash represents 50% of the total assets of the central bank, which greatly weakens the banking system in Iraq.”
And he stated that “despite the increase in the value of deposits in Iraqi banks by 5%, which indicates a slight improvement in the banking system as a result of adopting the Emiratization policy that allowed the opportunity to maintain salary deposits in banks, however the high cash rate and large cash liquidity pressures significantly on the banking sector “.
He explained that “the most important factors that lead to an increase in the ratio of the cash currency compared to deposits is the weakening of the citizen’s confidence in the banking sector as a result of many factors, the most important of which are the volatile political situations and the weak marketing operations of banking and banking services. Cash to the banking sector. “Finished