Ali al-Allaq, Governor of the "Central Bank of Iraq", announced that the size of Foreign Currency reserves reached $60 billion for the first time in Iraqi history, and covers 170% of the size of the mass of the local currency.
Al-Allaq clarified that “the size of Foreign Currency reserves is always measured by the size of the mass of the local currency in the market, in addition to other international standards; especially since the International Monetary Fund recently developed a new standard that measures the ability of the country to cover trade and repay its debts.”
He added that "the Central Bank of Iraq has very comfortable Foreign Currency reserves within international classifications and is ahead of other countries, in comparison with the mass of cash offered by the local currency," noting that "the size of the Foreign Currency Reserves are close to 60 billion dollars, compared to the mass of 43 trillion dinars in local currency, which means It covers 170 percent of the size of the mass of the local currency.”
Source (e-economy website, Edited)
