Iraq’s foreign reserves reach $110 B, bolstering economic stability

BAGHDAD, Iraq (MNTV) – Iraq’s foreign exchange reserves have reached approximately $110 billion, as confirmed by the advisor to the prime minister Mazhar Saleh, on Sunday. 

These reserves serve as a critical buffer against economic volatility, reinforcing macroeconomic stability both domestically and internationally.  

In a statement to the Iraqi News Agency (INA), Saleh highlighted that Iraq’s foreign exchange portfolio, which includes both gold and foreign currency, is a key factor in bolstering local and foreign investments. 

The reserves play a vital role in mitigating shocks and fluctuations in the global economy, ensuring a stable economic environment.  

Saleh emphasized that the foreign reserves provide robust coverage for the monetary foundation and financial indicators related to trade and international debts. 

This strong financial position has led to positive indicators in Iraq’s balance of payments, enhancing the stability of the Iraqi currency and reducing the impact of fluctuations in global oil markets.  

As the world’s fifth-largest oil producer, Iraq benefits from steady international financial flows, enabling it to efficiently and effectively increase its foreign currency reserves. 

This substantial financial cushion has created a stable investment climate, accelerating the pace of investment and supporting the country’s ongoing economic growth.  

The significant foreign reserves underscore Iraq’s ability to navigate global economic challenges while maintaining a favorable environment for economic development and investment. 

This achievement reflects the country’s commitment to strengthening its financial stability and fostering sustainable economic progress.