We hold the highest currency reserve in the history of Iraq and the time for the stability of the dollar has begun – Sudanese Advisor, 15 NOV

 We hold the highest currency reserve in the history of Iraq and the time for the stability of the dollar has begun – Sudanese Advisor

11-14-2023

We hold the highest currency reserve in the history of Iraq and the time for the stability of the dollar has begun - Sudanese AdvisorMazhar Muhammad, Advisor to the Prime Minister for Financial Affairs, said that Iraq today has the highest foreign currency reserves throughout its financial history, indicating that they are sufficient for Iraq to last 15 months, while the international standard is only 3.

Muhammad indicated in a statement to the official newspaper, followed by the 964 network , that “the Iraqi monetary authority holds foreign currency reserves, which are the highest in Iraq’s financial history,” indicating that “Iraq has the highest foreign currency reserves and high commercial efficiency. Today, reserve currencies are sufficient for Iraq’s trade for a period “Fifteen months,” while the international standard is “three months.”

He explained that “external financing for the private sector is done through the compliance platform, which required conditions that lasted for a year from last October to this November, and thus the banks adapted on the basis of global compliance with the use of foreign currency for the purpose of trade and not for other purposes that cause problems for the state.”

He noted that “the agreement between Iraq and the United States indicates the presence of high flexibility in financing the private sector, by strengthening a number of dollar-denominated banks that have adapted themselves to global compliance and will finance Iraq from major global commercial centers.”

Saleh pointed out that “more than 85% of the demand for foreign currency is done through the external platform managed by the (Central Bank of Iraq), by enhancing the balances of foreign banks, while the parallel market constitutes only 15% of the speculators’ market,” stressing that “this The agreement constitutes the beginning of price stability in the exchange market.”

964media.com