The Financial Adviser to the Iraqi Prime Minister, Mazhar Muhammad Saleh, stressed that the foreign reserves are at its highest historical levels, ensuring the balance of the country’s economic balance and stability. He pointed out that the reserves are still covering more than 100 % of the trading currency.
The minister told the Iraqi News Agency (conscious): “The decrease in the minor central bank reserves, which is estimated at 1 % of the country’s total foreign reserves, is linked to two things: the high level of strengthening the Iraqi banking system with foreign criticism among their correspondents abroad for the purposes of trade and external transfer, which led to a significant decline in the dollar exchange rate in the parallel market towards the dinar, and the increase in value The dinar in that parallel market. “
He also believes that “amid the fluctuations of the average exported oil prices by about 70 dollars or less per barrel in the energy markets in recent months, means that the compatibility between the level of feeding of foreign balance reserves (by collecting it with the cash version), which may have become at a lowest speed and growth by public finances, and between foreign transfers in foreign exchange in the interest of financing the private sector trade by the monetary authority, which is still highly high speed Relatively, the cause of this deficiencies or a slight decline in the foreign reserve. “
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On the other hand, Saleh stated that “the foreign reserves are still at its highest historical levels in achieving the balance and economic stability of Iraq, and that the function of foreign reserves remains to defend stability in prices, noting at the same time that it is also wise for the Central Bank of Iraq to monitor the current account movement for the balance of payments more accurately to maintain the stability of foreign reserves and monitor their growth safely.”
