Foreign reserves in Iraq rise to $113 billion
The headquarters of the Central Bank of Iraq. Photo: Central Bank of Iraq
Baghdad (IraqiNews.com) – The Deputy Governor of the Central Bank of Iraq (CBI), Ammar Hamad Khalaf, said that Iraq’s foreign reserves rose to $113 billion, driven by the rise in global oil prices, the Iraqi News Agency (INA) reported.
During his speech at the 6th edition of the Iraq Finance Expo held at the Baghdad International Fair, Khalaf explained that the CBI plays a key role in financial and economic stability, adding that 2023 is witnessing many changes that will contribute to achieving stability in Iraq.
“There are many opportunities in the Iraqi economy, which is seeing growth in gross domestic product, a surplus in the general budget due to increased global oil prices, and an increase in deposits in Iraqi banks,” Khalaf stated.
The revenues from Iraq’s oil exports have exceeded $7 billion each month during the past six months.
Iraq’s oil reserves are more than 150 billion barrels, but about a quarter of the population is caught in the poverty trap, according to official data.
In late April, the Deputy Minister of Planning for Technical Affairs, Maher Hammad Johan, stated that the unemployment rate in Iraq ranges between 13 and 15 percent, whereas poverty is 22 percent in a country where the population is more than 43 million.