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The central bank reveals its total foreign currency reserves

The Central Bank of Iraq revealed that its total foreign currency reserves amount to approximately 56 billion dollars, stressing that it maintains the stability of exchange rates in the markets through the use of its various monetary tools.

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An official source at the Central Bank of Iraq said in a press interview, that “foreign reserves are still within the limits of sufficiency,” and that “total foreign reserves decreased by approximately 20% during the year 2020.”

He pointed out that “gold holdings are approximately $ 5,703 million, and there are no plans to increase investment in gold in light of the continuing impact of the crisis,” explaining that “the Chinese yuan currency is one of the currencies invested in foreign reserves.”

The source stated, “The Central Bank of Iraq maintains the stability of exchange rates in the markets by exploiting its various monetary tools, the most important of which is the foreign currency sale window that aims to finance imports of goods and services, in accordance with the provisions of the Iraqi Central Bank Law No. 56 of 2004 in Article 28 / b (simple, unconditional buying and selling of foreign currency), in a manner that maintains acceptable rates of inflation.”

The source attributed the reason for the decline in the price of the dollar in the markets, especially last month, from the price specified in the bank, by saying: “The exchange rate of the US dollar in the local markets retreated from the approved official selling price after the price change by the bank at the end of December of the year. 2020, due to the fact that the change in the exchange rate initially formed a shock to the local market, which required an adjustment period to work out the settlements that took place between each of the merchants (wholesale, retail, and singular) and the settlements of wholesalers with banks, as imports decreased to severe levels, and thus a decrease Demand for foreign currency.”