Iraq’s forex reserves hit record high

A man holds money as he poses for a picture at a foreign currency exchange market in Baghdad, Iraq, December 20, 2020. (Reuters photo)

SULAIMANI (ESTA) — An Iraqi bank official on Wednesday revealed the country’s foreign currency reserves are near $90 billion which will contribute to providing further service projects.   

A while back, in September, the reserves stood at $85 billion, the Central Bank said the foreign currency reserves reached the highest since 2003.

On January 19 the bank announced that the total foreign currency reserves increased significantly at the end of 2021.

The rampant is due to the diversified investments and management following monetary policy based on best international practices free from risks.

Iraq oil-reach country witnessing a sudden increase in foreign currency reserves. Almost one year ago the country’s foreign currency reserves were estimated at $64 billion.

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