Iraq's foreign reserves grow to $110 billion
Baghdad (IraqiNews.com) – The Prime Minister's Advisor for Financial Affairs, Mazhar Saleh, confirmed on Sunday that Iraq's foreign reserves, which operate as a buffer against economic volatility, are valued at approximately $110 billion.
Saleh told the Iraqi News Agency (INA) that because the country has an established foreign exchange portfolio that is split between gold and foreign currency, Iraq's foreign reserves are one of the most significant indications bolstering both local and foreign investments.
Iraq's foreign reserves act as a cushion against shocks and volatility in the world economy by bolstering macroeconomic stability both internally and abroad, according to Saleh.
Additionally, foreign reserves offer robust coverage of the monetary foundation and financial indicators related to trade and international debts.
Iraq's balance of payments is also showing positive indicators, improving the stability of the Iraqi currency and reducing the effects of changes in the world's oil markets.
Iraq is able to swiftly and effectively increase its reserves of foreign currency since it is the world's fifth-largest oil producer and benefits from steady international financial flows.
The steady investment climate created by these substantial reserves helps to accelerate the rate of investment and sustain the country's encouraging economic expansion.
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