Iraq can face economic crises with no trouble, says advisor

A customer counts Iraqi dinars at a money changer in Baghdad October 1, 2012. (Reuters)

SULAIMANI (ESTA) — Iraq’s economy is strong and we can face crises with no trouble, Mazhar Muhammed Salih, financial advisor to the Prime Minister of Iraq said on Tuesday.

The advisor’s remarks come as Iraq’s foreign reserves reached 115 billion USD last February which is a record high in the country’s history, according to his words.

Back then, the advisor stated that the Iraqi government’s decision to amend the exchange rate of the U.S. dollar against the Iraqi dinar supports the availability of foreign exchange reserves.

In February, The Iraqi Council of Ministers approved a decision of the Central Bank of Iraq (CBI) to amend the exchange rate of the U.S. dollar against the dinar, to 1,300 dinars against one U.S. dollar, instead of 1470 dinars.

Furthermore, Iraq’s economy heavily relies on crude oil exports, which account for more than 90 percent of the country’s revenues.

The country’s foreign exchange reserves have also increased significantly after the rise in oil prices in the global markets since the outbreak of the Russia-Ukraine war in early 2022.

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