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The Central Bank of Iraq announces the realization of the largest reserve in its history


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The Central Bank of Iraq announces the achievement of the largest monetary reserve in its history

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The Central Bank of Iraq announced on Thursday the achievement of the largest monetary reserve in its history with a figure exceeding $87 billion, while stressing that the value of the Iraqi currency is greater than its real value by (130) percent.

The adviser to the Central Bank, Ihsan Shamran al-Yasiri, said in an interview quoted by a correspondent (Iraqi Media News Agency), that "the reserves of the Central Bank exceeded $87 billion, which is the largest number reached by the reserves of the Central Bank of Iraq."

He pointed out that "the Iraqi currency is very strong because reserves constitute 130 percent of the source of circulation of funds in banks and others, in addition to its function to meet the requirements of traders to import goods."

Al-Yasiri explained, “The reserve is not an absolute number for the economy’s recovery, as it previously reached 40 billion, and the economy was recovering, as the lesson is in the financial guidance and financial discipline that the state contributes to.”

Al-Yasiri pointed out that “every uncontrolled government spending indirectly affects and decreases the reserve,” expressing his hope that “the reserve will exceed $100 billion.”

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That’s good. I hope in some way that they don’t sell out and give into the fiat system of fractional reserve banking and turn to 10% reserves rather than 130% to justify a change in currency on the international level. Sure, they can do it, it is a tremendous power to hold. Funny how it would be in my benefit for them to give into the fiat system and yet floating on this sinking ship “fiat system” somehow they look like a beacon of hope for humanity to have a civilization where the economic systems aren’t crumbling from within; but rather an economic system that has what is presented, a system where numbers make simple sense. 

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Iraq’s forex reserves hit record high as oil prices soar

 

Iraq’s forex reserves hit record high as oil prices soar

Iraq's economy heavily relies on crude oil exports, which account for more than 90 per cent of the country's revenues.

Photo of Indo-Asian News Service Indo-Asian News Service|   Posted by P N Sree Harsha  |   Published: 30th September 2022 1:51 pm IST

Iraqi soldier killed, two injured in IS attack  Photo: AP

Baghdad: Iraq’s foreign exchange reserves have surpassed $87 billion, the highest level the central bank has seen since its establishment in 1947, local media reported.

 

“The financial reserves (of foreign currency) in the Iraqi Central Bank (ICB) reached the highest level and are expected to exceed $100 billion in the future,” Xinhua news agency quoted Ihsan al-Yaseri, an ICB advisor, as saying to local media.

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 and other oil-exporting countries, according to al-Yaseri.

 

However, he warned that the size of foreign exchange reserves is not an absolute indicator for economic recovery because the most important thing is the financial guidance and the discipline of government expenditure.”

“Every uncontrolled government spending indirectly affects and decreases the reserves,” 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.

 
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