BAGHDAD Oct 5 Iraq's foreign exchange reserves
have dropped to $50 billion as the OPEC nation continues to run
a budget deficit because of falling oil income, state-run
newspaper al-Sabah said on Wednesday, citing Central Bank
Governor Ali al-Alak.
Iraq' foreign reserves stood at $59 billion at the end of
October 2015, according to a government memo to the
International Monetary Fund in January .
Prime Minister Haider al-Abadi on Tuesday announced plans to
narrow the public deficit by 38 percent next year through lower
spending and higher levels of oil exports and prices.
The Iraqi projection is based on an expectation of
higher oil prices in the future.
(Reporting by Maher Chmaytelli; Editing by Richard Balmforth)