CBI reveals the country's foreign currency reserves

Shafaq News / The Central Bank of Iraq disclosed the size of the country's foreign currency reserves, affirming the bank's success in managing cash liquidity and safeguarding the Iraqi dinar.

Ammar Hamad, the Deputy Governor of the Central Bank, informed Shafaq News Agency that "the central bank's reserves of foreign currency are in a good position, amounting to 113 billion dollars, which is sufficient to manage financial liquidity and support the local currency."

Hamad clarified that the central bank's reserves are comprehensive, encompassing all currencies, gold, bonds, and assets, emphasizing that the bank has been able to effectively manage cash liquidity, maintain the currency's value, and preserve the Iraqi dinar.

Earlier, on March 28th, the Financial Advisor to the Prime Minister, Mazhar Mohammed Saleh, stated that the central bank's reserves had reached 115 billion dollars, marking the highest in Iraq's history.

Furthermore, the Cabinet approved a decision by the Central Bank of Iraq to raise the value of the Iraqi dinar against the US dollar to 1,300 dinars instead of 1,470 dinars, aiming to enhance the value of the local currency.

The increase in oil prices throughout the past year, which at times exceeded $100 per barrel, contributed to the rise in Iraq's financial revenues. This positive impact was reflected in the country's foreign currency reserves.