Iraqi Foreign Reserves Fall to $50bn

By John Lee.

The Governor of the Central Bank of Iraq (CBI), Ali al-Alak, has reportedly said that Iraq's foreign reserves have dropped to $50 billion.

According to a report from Reuters, this is down from $59 billion at the end of October 2015.

Prime Minister Haider al-Abadi has announced plans to narrow the public deficit by 38 percent in 2017, through a combination of lower spending and higher oil exports, together with the expectation of higher oil prices.

(Source: Reuters)

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