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The central bank records the highest cash reserve in its history
Economical 2023/03/29
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The Central Bank of Iraq recorded a financial reserve, the largest in the country's history, according to what the government's financial advisor said on Tuesday.
Adviser to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, said in a press statement: The central bank's reserves are currently the largest in Iraq's history, after reaching $115 billion.
And Saleh considered that "the Iraqi economy is strong and faces crises easily, and the situation is heading towards improvement," noting that "Iraq is moving towards gradually improving the digital payments climate and compliance with the world."
He stressed that "the packages launched by the Central Bank are smart and give reassurance to the Iraqi citizen," explaining that "we have entered the stage of digital payments correctly in Iraq."
On January 19, the Iraqi Central Bank announced a significant growth in its foreign currency reserves in the past year.
The Deputy Governor of the Central Bank of Iraq, Ammar Hamad, said, on January 23, that "the central bank's reserves amounted to more than $99 billion.
The Iraqi Council of Ministers had approved the adoption of the Central Bank of Iraq's decision to raise the value of the dinar against the dollar to 1300 dinars instead of 1470 dinars, in a step aimed at enhancing the value of the local currency.
The rise in oil prices over the past year, which in some months reached more than $100, contributed to the rise in Iraqi financial revenues, which was positively reflected in the rise in Iraq's hard currency reserves.
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