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High central bank reserves of gold and hard currency

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https://www.almaalomah.com/2020/02/20/456837/.......

High central bank reserves of gold and hard currency

09:15 - 02/20/2020
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The information / Baghdad ..

The Central Bank revealed, on Thursday, a rise in the country's reserves of hard currency during the past year by more than 5 percent compared to 2018, with growth in investment portfolios and gold bars.

The official newspaper "Al-Sabah" quoted by its number issued today, an official source with the Central Bank, said, "The data of the annual report of foreign reserves showed a positive performance in the past year compared to 2018, as these reserves grew by 5.52 percent as a result of an increase witnessed by the Central Bank purchases of the American dollar, A comparison of its sales through the currency sale window, as well as the profits accruing from the returns of the investment portfolio in its various segments.

He added, “On the level of investment portfolios, their values achieved net growth in the past year of 18.4 percent compared to 2018, accompanied by a growth of returns on these portfolios in the past year by 59 percent compared to 2018.

The source added that "the gold slices also grew in the year 2019 by 18.8 percent compared to the year 2018, as despite the increase in the bank's investment in gold, there is an increase in the value of these holdings as a result of the significant increase witnessed by the price of gold globally."

He pointed out that “this comes within the central bank’s plan to enhance the returns of reserves and build capabilities in the field of reserves management by establishing numerous international banking relationships and entering 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 the Arab Monetary Fund as well as international institutions Concerned with investment management. Ended / 25

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