The Central Bank Of Iraq Explains The Reasons For The Decline In Its Foreign Reserves During The Third Quarter Of 2024
Wednesday, March 19, 2025, | Economic Number of reads: 169 Baghdad / NINA / The Central Bank of Iraq announced, on Wednesday, a decline in its foreign exchange reserves during the third quarter of 2024, explaining the reasons that led to this decline.
The bank stated in a report that "Iraq's foreign exchange reserves decreased by 0.52% during the third quarter of 2024, reaching 143.35 trillion dinars, compared to the same period in 2023, when reserves amounted to 144.10 trillion dinars."
The bank attributed this decline to "the Central Bank's resort to withdrawing cash liquidity from the market by strengthening cash sterilization operations, as part of its efforts to maintain monetary stability."
The report added, "As a result of these measures, cash receipts increased from 18.46 trillion dinars to 20.09 trillion dinars during the same period."
It also indicated that "the decline in oil prices from $82.2 to $77.3 during the same period was another factor in the decline in foreign reserves."
The bank explained that "the increase in receipts led to the depletion of a portion of net foreign reserves, and the issued currency increased from 100.06 trillion dinars to 104.13 trillion dinars, as a result of the increase in public spending, which in turn led to an increase in public debt."
The central bank stressed that "despite this decline, it still has large net foreign reserves compared to the money supply, which makes it in a relatively safe position, according to global financial standards that set the minimum at 20%." https://ninanews.com/Website/News/Details?key=1192853
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