Shafaq News / The International Monetary Fund (IMF) revealed on Monday a slight increase in Iraq's foreign currency reserves, while also indicating that it is unlikely to reach $100 billion during the current year of 2023.

According to the IMF's May report, Iraq's foreign currency reserves are projected to reach approximately $99.4 billion in 2023, marking an increase from $97 billion in 2022. The report further suggests that these reserves are expected to decline to $93.1 billion in 2024.

"The reserves of Iraq have witnessed a significant surge compared to the levels recorded in 2020, which stood at $54.4 billion. In 2021, the reserves reached approximately $64.2 billion, and in 2022, they amounted to $97 billion," stated the report.

Regionally, the IMF report indicates that Saudi Arabia holds the highest foreign currency reserves among Arab countries, with reserves reaching around $459.9 billion in 2022. The United Arab Emirates follows with reserves of $127.8 billion, while Bahrain possesses the lowest reserves among Arab nations, amounting to approximately $4.5 billion in 2022.

Foreign currency reserves, also known as foreign exchange reserves or foreign cash reserves, are a nation's holdings of foreign currencies. The primary objective of maintaining reserves is to safeguard the country's economy and enable maneuverability during economic downturns or times of war.