Central Bank: currency reserves amounted to more than $99 billion

Baghdad-INA 
The Central Bank of Iraq announced today, Monday, the launch of the electronic platform for foreign trade, while noting that the currency reserves amounted to more than $99 billion.

The deputy governor of the bank, Amar Hamad, said in a statement to Al-Iraqiya News, followed by the Iraqi News Agency (INA), that "the Central Bank witnessed today the launch of the electronic platform for foreign trade," noting that "work on this platform continued for more than a year and a half with the aim of organizing the transfer process external finance and foreign trade financing.

He added, "This platform is the only way to finance foreign trade," noting that "private and government banks have sufficient information about the mechanism for using the platform."

He continued, "The documentary credits will be financed at a subsidized exchange rate of 1,465 dinars to one dollar," explaining that "the platform is an opportunity for merchants, investors, and company owners to finance their trade and financial work."

Regarding the bank's reserves, Hamad stated that "the central bank's reserves amounted to more than 99 billion dollars," pointing out that "within a short period, it will reach 100 billion dollars due to the rise in oil prices."

He stressed that "the rise in reserves is a positive indicator for the Iraqi government and the central bank for the stability of the exchange rate and the local currency."