Q&A: Ali al-Allaq, governor of the Central Bank of Iraq
The chief of Iraq’s lynchpin financial institution details the measures being used to prop up Iraq’s budget with its currency reserves.
Ali al-Allaq, the governor of the Central Bank of Iraq (L), meets with then-Prime Minister Haider al-Abadi. (Source: Prime Minister's Office)
BEIRUT - Iraq’s coffers are empty, and the government has been unable to meet even the reduced spending obligations outlined in an austere federal budget.
Higher costs from the ongoing war against the so-called Islamic State militant group, and the resulting humanitarian crisis, are taking their toll. But the greatest danger to Iraq’s economy is the almost 70 percent collapse in oil prices since July 2014.
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