Central Bank of Iraq Announces Decline in Cash Reserves to Cover Salary Deficit Amid Regional Tensions

mniraq - The Central Bank of Iraq announced a sharp decline in the country's foreign cash reserves by an estimated 30 billion dollars, dropping from 109 billion to approximately 77.5 billion dollars. The bank attributed this decline to the economic repercussions caused by regional tensions and the closure of vital shipping lanes, explaining that the largest portion of these funds was directed to secure the salaries of public sector employees. Financial authorities affirmed their commitment to working on maintaining economic stability and managing remaining resources wisely, at a time when legislative bodies are moving to pass new local and foreign financial borrowing laws to confront the current crisis.