Sudanese adviser: Central bank reserves exceeded $110 billion in 2024
Economy News – Baghdad
Prime Minister’s adviser on finance Mazhar Mohamed Saleh confirmed on Monday that the central bank’s reserves exceed $110 billion in 2024.
Saleh said in an interview with “Economy News”, that “Iraq is in a stable position, because the oil prices that are the basis of the general budget revenues for 2024 were priced on the basis of $ 70 per barrel, while the average sales of Iraqi oil exported exceed $ 80, which relieves the pressures of the planned deficit in the annual budget (which was approved for three years 2023,2024, 2025).”
He added that “oil revenues actually constitute about 90% of the total budget revenues,” noting that “the Central Bank of Iraq has reserves of foreign currency supporting the strength of the dinar of more than 110 billion dollars, and represents high coverage of the dinar, which is a matter that provides stability in the general level of prices, as the Central Bank defends a stable exchange rate of 1,320 dinars per dollar.”
He explained that “the average per capita income of GDP is estimated at about $5,000 per year, except for the price support paragraph or price support in the general budget, which is estimated at 13% of GDP (especially the price-subsidized food basket and fuel, and many semi-free government services and grain support and farmers), which is a real income that is not foreseen to support the individual as well.”
He added that “the most prominent points of future planning are to support partnership with the private sector by providing guarantees for industrial projects provided by the government in order to import production lines. These guarantees represent 85% of the value of the industrial project. This will be done through the role of (the Iraq Fund for Development), which will also concer with youth loans and the financing of residential complexes as well.”
He continued that “the other direction is the strategy of the development path and represents the establishment of international strategic partnerships with international countries and companies, to provide high-effective railways and transport lines between the Gulf and Turkey through Iraq to Europe and vice versa, accompanied by the establishment of industrial cities and logistics services linked to the development path, which is a model of the strong economic push to get out of the problems of recession and unemployment.”
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