The Central Bank of Iraq announced on Tuesday the increase of foreign reserves for 2018 by 32.6%, stressing the rise in the value of gold in the same year by 6% than in 2017.

"The annual report of foreign reserves showed a positive performance in 2018 compared to 2017 as foreign reserves grew by 32.6%, driven by the positive difference between the bank's purchases of the dollar From the Ministry of Finance and its sales through the window selling foreign currency in addition to the profits realized from the proceeds of the investment portfolio in various segments.

"At the portfolio level, the portfolio in US dollars in 2018 grew by almost 25 percent from 2017 as a result of the positive difference between the central bank's purchases of the US dollar and its sales, as well as the conversion of a large part of the other currencies resulting from The maturity of some investment instruments and returns on them to the currency of the US dollar. "

The bank noted in its report that "the gold segment has increased in value in 2018 by about 6% than in 2017, as a result of increased investment in this asset, and the gold reserves of the Central Bank of Iraq by about 96 tons in 2018," noting that " Iraqranks fifth in the Arab world and ranks 37th globally in terms of gold reserves. Iraq was one of the largest buyers of gold in 2018 along with India , China and Kazakhstan."

"The increase in investments in Islamic bonds issued by the Islamic Development Bank in 2018 than in 2017 and by about 33%," he said, adding that "the portfolio in the Australian dollar in 2018 rose by about 1.6% compared to 2017, To the returns on deposits that have been added to the original deposit balance. "

"In early 2018, investment in Chinese sovereign bonds was directed," he said. "The reserves management takes into account the importance of geographical distribution of investments and diversification of foreign reserves of the CBI in terms of investment instrument and medium term."