By John Lee.
The Iraqi Minister of Finance has said that Central Bank of Iraq (CBI) reserves are expected to exceed $90 billion by the end of 2022, a new record for the country.
Addressing the Iraqi Cabinet, Ali Allawi (pictured) said that "the recovery in oil prices and prudent financial management helped boost reserves to $70 billion dollars by April."
He added that devaluation of the Iraqi dinar led to the preservation of foreign currency reserves after the "critical levels" reached in late 2020, saying the depreciation of the Iraqi dinar against the US dollar in December 2020 contributed to the decline of demand for the US dollar, and while the current demand for the dollar is higher than the declines seen in 2020, it is much lower than the period before 2020.
(Source: Ministry of Finance)