Iraq’s foreign reserves rise 32.6% last year

Iraq’s foreign reserves rise 32.6% last year

20 March 2019 01:06 PM

Iraqs foreign reserves rise 32.6 percent last yearDirect: Data showed the Central Bank of Iraq, the rise of foreign reserves by 32.6% in 2018, on an annual basis.

Reserves were driven mainly by the positive difference between dollar purchases by the Ministry of Finance and its sales through the foreign currency sale window as well as the profits from the proceeds of the investment portfolio in various segments, the central bank said in a statement on Wednesday.


The portfolio grew by 25 percent in 2018 as a result of the positive difference between the central bank’s purchases of the dollar and its sales, as well as the conversion of a large part of the other currencies due to the maturity of some investment instruments and proceeds To the US dollar.

He added that the gold segment rose in value in 2018 by 6% than in 2017, as a result of increased investment in this asset.

Iraq’s gold reserves stood at about 96 tonnes in 2018, Iraq ranked fifth in the Arab world and ranked 37th of the world gold reserves.

Iraq was one of the largest buyers of gold in 2018, along with India, China and Kazakhstan.

Investment in Islamic bonds issued by the Islamic Development Bank increased in 2018 from 337% in 2017.

The Australian dollar saw a 1.6% rise in 2018 compared to 2017 due to higher deposit yields added to the original deposit balance.

The central bank pointed out that in early 2018 was directed to invest in Chinese bonds.

The management of reserves takes into account the importance of the geographical distribution of investments and diversification of the foreign reserves of the Central Bank of Iraq in the investment instrument and medium term.