Mustafa Ghaleb appointed as Iraq's central bank governor

Iraqi PM appoints Ghaleb as central bank governor amid state debt that amounts to 80-90% of national product.

BAGHDAD - Iraqi Prime Minister Mustafa al-Kadhimi appointed Mustafa Ghaleb as central bank governor, state news agency INA said on Monday.

INA did not provide further details.

Iraq's economy and oil sector were battered by years of wars, sanctions and a stubborn Islamist insurgency triggered by the US invasion.

Iraq relies on oil to fund 97% of its state budget. Iraqi Finance Minister Ali Allawi told parliament last week that reforming Iraq's economy would take five years of work and that state debt amounted to 80-90% of national product, while foreign debt was at $133 billion.