Thursday, September 29, 2022

Baghdad

Central Bank of Iraq reserves return to levels before ISIS war

 Central Bank of Iraq reserves return to levels before ISIS war

The Central Bank of Iraq (CBI). Photo: CBI press office

Baghdad (IraqiNews.com) – The Central Bank of Iraq (CBI) announced that its cash reserves rose to 82 billion USD, which is the level prior to ISIS war, and advanced 10 ranks in the list of countries with the largest gold reserves in the world, with 130 tons.

The spokesperson for the Central Bank of Iraq, Omar Essam, indicated that the bank’s cash reserves rose to 82 billion USD, and is expected to reach 90 billion USD by the end of 2022.

The bank’s cash reserves witnessed a significant decrease after the Ministry of Finance withdrew 12 trillion dinars in a first step, and 14 trillion dinars in a second step at the end of 2020 because of the financial crisis caused by the Corona pandemic and the drop in oil prices.

In regards to gold reserves, Essam explained that Iraq possesses 130 tons of gold, and is among the countries with the largest gold reserves. He added that Iraq is now ranked the 30th globally and the fourth in the Arab world.

Member of the Parliamentary Finance Committee, Jamal Cougar, elaborated that Iraq’s reserves before the ISIS war ranged between 81-82 billion USD, but they decreased after the ISIS war to about 38 billion USD during the times of former prime ministers Haider Al-Abadi and Adel Abdul Mahdi.

Cougar also talked about gold reserves and mentioned that the world is heading towards gold and not the US dollar as a reserve for central banks. He added that the reserves were in gold before they become in US dollars.

Cougar indicated that there is a Russian-Chinese effort to end the dominance of the US dollar and restore the position of gold, clarifying that there are countries who fear that the dollar will lose its position.