Iraq doesn't have financial deposits with SVB ,Says PM advisor

Economy

13-03-2023, 12:08

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Baghdad-INA
The financial advisor to Prime Minister, Mazhar Muhammad Salih, confirmed on Monday, that Iraq's financial deposits are with the Federal Reserve Bank (the American Bank), while he indicated that Iraq does not have financial deposits with the American Silicon Valley Bank (SVB).

Saleh said, to the Iraqi News Agency (INA), that "the issue of the collapse of SVB in America is due to two main reasons. Debts or loans have reached a rate that exceeds the safe barrier that equity should be formed, which is a high risk indicator."

He continued, "Iraqi deposits are carefully invested within a tight short-term investment portfolio by the Central Bank of Iraq and according to standard investment evidence that avoids various risks."