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The Central Bank issues a report on foreign reserves and confirms its growth by 5.52%

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The Central Bank issues a report on foreign reserves and confirms its growth by 5.52% Empty The Central Bank issues a report on foreign reserves and confirms its growth by 5.52%

Post by rocky on Fri 21 Feb 2020, 2:16 pm

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[size=52]The Central Bank issues a report on foreign reserves and confirms its growth by 5.52%[/size]

[size=45]Today, Thursday, the Central Bank of Iraq issued a report on foreign reserves, confirming the growth of these reserves by 5.52%.
[size=45]The bank said in a statement that "the annual data of foreign reserves showed a positive performance in 2019 compared to 2018," noting that "these reserves grew by 5.52% during 2019 compared to the previous year."[/size]
[size=45]The bank added, “The increase witnessed by the bank’s purchases of the US dollar from the Ministry of Finance compared to its sales through the currency sale window, as well as the profits accrued from the returns of the investment portfolio in its various segments, reflected positively on the rise of these reserves.”[/size]
[size=45]He explained, “The investment portfolios achieved the value of these portfolios in net growth in 2019 by 18.4% compared to 2018, accompanied by a growth in returns on these portfolios in 2019 by 59% compared to 2018 and the ratio of these returns to investment portfolios in 2018 was approximately 1.7 The percentage of returns to investment portfolios increased in 2019 to almost 2.3%.[/size]
[size=45]He continued, that the gold segment "grew in 2019 by 18.8% compared to 2018, despite the fact that this bank has not increased its investment in this asset during this year, but the increase in the value of these holdings came as a result of the significant increase witnessed by the price of gold globally" , Noting that "Iraq is ranked 38th in the world with its gold holdings, and 5th in the Arab world, with a total of 96.3 tons."[/size]
[size=45]The bank indicated that, “As part of its plan to enhance returns on reserves and build capacity in the field of self-management of reserves, this bank established during the year 2019 numerous international banking relationships and entered into agreements and memoranda of understanding with a number of international banks and major financial institutions, such as the International Bank for Reconstruction and Development and a fund Arab criticism, as well as international institutions concerned with investment management.[/size]


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