Dijlah Point - The Governor of the Central Bank of Iraq, Nizar Nasser, announced a significant decline in the country's foreign cash reserves by $31.5 billion, dropping from $109 billion to approximately $77.5 billion. The Governor attributed this sharp decrease to the economic repercussions of the closure of the Strait of Hormuz and the current geopolitical events in the region. During a meeting with the Parliamentary Finance Committee, he explained that the majority of these funds were utilized to secure the payment of public sector salaries. He also reiterated the Central Bank's commitment to sound financial management to maintain economic stability. These developments coincide with parliamentary efforts to pass a financial borrowing bill aimed at addressing the current economic crisis.