Iraqi Finance Minister Ali Allawi indicated that "the cash reserves of the Central Bank will be increased to $90 billion by the end of this year."
Allawi stressed that "the devaluation of the Iraqi dinar led to the preservation of foreign currency reserves with the Central Bank of Iraq after the critical low levels in late 2020", noting that "the recovery in oil prices and financial management helped the reserves to reach 70 billion dollars by last April."
Allawi considered, "It is expected that the continued recovery of oil prices will increase these reserves to more than 90 billion dollars by the end of 2022, which is a record level for Iraq." He pointed out that "the continued sales of the Ministry of Finance in dollars reflects the increase in oil revenues, and the increase in the government's provision of goods and services to citizens," stressing that "the increase in the Ministry of Finance's sales of dollars in exchange for a decrease in the demand for the dollar will lead to an increase in foreign currency reserves with the Central Bank."
Source (Al-Araby Al-Jadeed Newspaper, Edited)
