A government advisor reveals the size of Iraq’s foreign reserves.
The Prime Minister’s financial advisor, Mazhar Mohammed Salih, confirmed on Sunday that Iraq’s foreign exchange reserves are a safety net against economic fluctuations.
“Iraq’s foreign exchange reserves are one of the most important indicators supporting investment, both domestic and foreign, as the country has a stable foreign exchange portfolio estimated at approximately $110 billion, distributed between gold, dollars, and foreign currencies,” Saleh said in a statement monitored by Mail .
He explained that “these reserves contribute to strengthening macroeconomic stability, both domestically and externally, making them a protective factor against global economic fluctuations and shocks. They also provide strong coverage for the monetary base and financial indicators related to trade and international debt maturing soon .”
He added, “The current account of the balance of payments is recording positive rates that enhance the stability of the value of the Iraqi dinar, thus reducing the impact of fluctuations in global oil markets, given the nature of Iraq’s rentier economy.” He noted that “Iraq, as the fifth largest oil producer in the world, enjoys sustainable foreign financial flows, which enables it to support its cash reserves quickly and efficiently .”
He stressed that “these strong reserves provide a stable investment environment, which contributes to accelerating the pace of investment and supporting the country’s promising economic growth .”
Iraq exports 5 million barrels of oil to America
The US Energy Information Administration announced, on Sunday, that Iraq’s oil exports to the United States amounted to five million barrels during last February.
The administration said in a table seen by Al-Maalouma Agency, that “Iraq exported 4.9 million barrels of crude oil to the United States during last February, down from 6.231 million barrels in January, when Iraqi oil exports to the United States amounted to.”
It added that “Iraq exported an average of 257,000 barrels per day of crude oil to the United States during the first week of February, while it exported an average of 228,000 barrels per day in the second week, and an average of 46,000 barrels per day in the third week,” noting that “exports in the fourth week amounted to an average of 170,000 barrels per day.”
