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Big Increase in Iraq’s Foreign Currency Reserves

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Big Increase in Iraq’s Foreign Currency Reserves

Post  Shilo on Tue Nov 30, 2010 8:11 am

Big Increase in Iraq’s Foreign Currency Reserves

Posted on 29 November 2010. Tags: banking, IQD, iraqi dinar
The Iraqi Central Bank announced recently an increase in its reserves of foreign currency to more than $ 50 billion, up from $ 41 billion at the end of the first half of 2010.
Mohammed Salih, an advisor to the bank, said in an interview with Radio Free Iraq that this increase is attributable to rising world oil prices during the second half of this year, and added that the rise in reserves would increase the strength of the Iraqi currency.
A number of Iraqi economists stressed that increasing the size of the Iraqi Central Bank’s reserves of hard currency will not directly affect the local economy, but will serve to strengthen the local currency.
In this regard, economic expert Dr. Abdul Rahman al-Mashhadani said the strength of the currency “will increase the trust of foreign and local investors by increasing the attraction of investment in Iraq.”

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