Latest news with #MohammedYounis
Iraqi News
4 days ago
- Business
- Iraqi News
Iraq's foreign reserves surpass $100 billion
Baghdad ( – The director of the Investment Department in the Central Bank of Iraq (CBI), Mohammed Younis, revealed on Monday that foreign reserves surpassed $100 billion. In a statement to the state-run news agency (INA), Younis explained that the country has a large reserve of gold, exceeding 163 tons. Iraq's foreign reserves are managed in accordance with thoroughly planned policies based on highly secure standards and invested in safe financial products that yield appropriate returns, according to Younis. The CBI disclosed last month that its official reserves fell by more than 11 trillion Iraqi dinars ($8.39 billion) in a single year. According to the CBI's most recent report on financial and monetary indicators in Iraq for February 2025, the bank's official reserves reached 127.20 trillion Iraqi dinars ($97.12 billion) in February, a decrease of 8.21 percent compared to the same period in 2024, when reserves reached 138.570 trillion Iraqi dinars ($105.8 billion). Earlier in May, the CBI reported a drop in its net foreign reserves along with a modest decrease in its domestic debt for January 2025. The CBI's net foreign reserves in January 2025 were 128.97 trillion Iraqi dinars ($98.5 billion). This figure represents a decrease of 1.41 percent compared to December 2024, when the CBI's foreign reserves were equivalent to 130.18 trillion Iraqi dinars ($99.44 billion). Foreign reserves give extensive coverage of the monetary base, as well as financial indicators such as trade and foreign obligations. Iraq, the world's fifth-largest oil producer, can rapidly and effectively boost its foreign exchange reserves thanks to steady international financial flows.
Iraqi News
4 days ago
- Business
- Iraqi News
CBI: Liquidity Is Available and Our Reserves Exceed $100 Billion
The Central Bank of Iraq CBI confirmed on Monday that liquidity is fully available, while noting that its reserves have surpassed $100 billion. Mohammed Younis, Director General of the Investments Department at the Central Bank, told the Iraqi News Agency (INA) 'Liquidity is fully available, whether in Iraqi dinars or US dollars, and there is no shortage in this regard,' pointing out that 'the CBI's reserves have exceeded $100 billion, in addition to Iraq possessing a large gold reserve of over 163 tons.' Younis added that 'CBI is not an investment institution, but is concerned with managing Iraq's foreign currency reserves,' explaining that 'the objective of these reserves is not to generate profit, but to ensure reasonable returns.' He continued: 'The reserves are managed according to carefully studied policies that adhere to high safety standards and are invested in secure financial instruments that yield acceptable returns,' affirming that 'Iraq is on a sound economic path.'
