ECONOMIST: THE COUNTRY’S FINANCIAL SITUATION IS AMONG THE MOST PROSPEROUS YEARS
Economic expert Nabil Al-Marsoumi confirmed that “the country has large cash reserves, which are greater than 100 percent of the volume of the issued currency.”
Al-Marsoumi promised in a statement seen by Al-Masry today, Thursday, that the percentage for a country like Iraq that maintains cash reserves equivalent to between 20 and 40 percent of the volume of the issued currency is positive, indicating that the financial situation is reassuring as it has exceeded 100 percent, and thus the cash reserves in the country are very large, pointing out the importance of the matter, as it represents a firewall in the face of crises that may occur, even if they are caused by a decrease in the price of oil.
Al-Marsoumi added, “The Central Bank can provide a major source of protection for the Iraqi government if it needs some financial supplies by deducting remittances from government banks,” explaining that “the financial situation that the country is experiencing is among the most prosperous years in terms of foreign exchange reserves.”
Al-Marsoumi said, “Iraq ranked third in the Arab world in terms of foreign exchange reserves for the year 2024,” adding, “Despite the slight decrease in foreign exchange reserves in the Central Bank of Iraq from (109,153) billion dollars in 2023 to (106.7) billion dollars in 2024 according to data from the Central Bank of Iraq, as a result of the deduction of remittances to the Iraqi government, the financial situation in Iraq is still cohesive, and it occupies the third place after Saudi Arabia and the Emirates, whose reserves amount to (499) billion dollars for Saudi Arabia and (210) billion dollars as reserves for the Emirates.”