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Iraqi Dinar Exchange Rate Linked To Oil Exports, Federal Reserves

Experts estimate that Iraq’s federal reserves have reached $80 billion, and are likely to grow given an expected increase in oil output.
A client counts his money at Al-Rafidain bank in BaghdadJune 21, 2009. Total bank deposits in February -- the latest figures  available -- jumped by half to 36.6 trillion Iraqi dinars ($31 billion) from a year before, and loans surged 65 percent to 5.1 trillion dinars over the same period, central bank data show. 
 To match feature IRAQ/BANKS   REUTERS/Bassim Shati (IRAQ CONFLICT BUSINESS) - RTR2559B

According to an Iraqi financial expert, the value of Iraq’s federal reserves currently amounts to about $80 billion, following the recent increase in the country’s oil exports. Nevertheless, no information was made available by the Central Bank of Iraq (CBI) to this effect.

Speaking to Al-Monitor, Iraqi financial expert Hussein al-Asadi said, “According to my information, the value of Iraq’s federal reserves currently amounts to about $80 billion. This includes funds, precious metals and other items.”

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