KTFA
FRANK26: "THE RESERVES ARE GOING TO SUPPORT THE NEW EXCHANGE RATE... FINE WITH ME"......F26
Al-Sudani's advisor: Iraq's foreign exchange reserves are fine.
4/21/2025
The Prime Minister's financial advisor, Mazhar Mohammed Salih, confirmed on Monday that Iraq's foreign exchange reserves cover 100% of the national currency.
Saleh said, "Iraq's foreign currency reserves still have the capacity to cover 100% of the national currency issued, and that commercial efficiency has been achieved."
He added, "These reserves still cover the country's imports for three months, and therefore foreign reserves are considered stable." He pointed out that the development of the optimal external use of foreign currency is achieved through a careful balance between the role of these reserves in maintaining the foreign purchasing power of the dinar and the stability of the exchange rate, and the standard of reserve efficiency, which is one of the functions of monetary policy as an independent body in achieving its goals of monetary stability and economic development.
On March 31, 2025, the Central Bank of Iraq revealed that the central bank's net foreign reserves for 2024 amounted to 130.81 trillion dinars, a 10.18% decrease compared to the same period in 2023, when they reached 145.64 trillion dinars. The Central Bank confirmed that the reason for the decline in foreign reserves is due to the rise in domestic public debt, which is intended to cover the real deficit in the state's general budget.