SULAIMANI (ESTA) — Iraq’s foreign exchange reserves have surpassed $90 billion, the highest “historic” record since the central bank has seen established in 1947, a bank official Friday said.
“The financial reserves (of foreign currency) in the Iraqi Central Bank (ICB), for the first time in history have surpassed such a massive number,” Iraqi media quoted Ihsan al-Yaseri, an ICB advisor, as saying.
“This is the sign of the Iraqi economic revival despite the increasing of the Iraqi currency value,” al-Yaseri said.
Iraq’s economy heavily relies on crude oil exports, which account for more than 90 per cent of the country’s revenues.
The country’s foreign exchange reserves have increased thanks to the rise in oil prices in the global markets since the outbreak of the Russia-Ukraine war, benefiting Iraq as an oil exporter country, according to al-Yaseri in September.
