Thu, 08 Dec 2022

BAGHDAD, Sept. 29 (Xinhua) -- Iraq's foreign exchange reserves have surpassed 87 billion U.S. dollars, the highest level the Iraqi Central Bank (ICB) has seen since its establishment in 1947, official Iraqi News Agency (INA) reported Thursday.

"The financial reserves (of foreign currency) in the ICB reached the highest level and are expected to exceed 100 billion dollars in the future," Ihsan al-Yaseri, an ICB advisor, told INA.

The country's foreign exchange reserves have increased thanks to the rise in oil prices in the global markets since the outbreak of the Russia-Ukraine conflict, benefitting Iraq and other oil-exporting countries, according to al-Yaseri.

However, he warned that the size of foreign exchange reserves is not an absolute indicator for economic recovery because the most important thing is the financial guidance and the discipline of government expenditure."

"Every uncontrolled government spending indirectly affects and decreases the reserves," al-Yaseri said.

Iraq's economy heavily relies on crude oil exports, which account for more than 90 percent of the country's revenues.

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