On Tuesday, the Central Bank of Iraq announced that the growth of foreign reserves increased by 32.6% in 2018. The CBI also announced the arrival of 96 tons Iraqi gold reserves. A foreign reserves report has indicated positive performance in 2018 compared to 2017 because foreign reserves rose by 32.6%. It shows the positive difference between the U.S dollar purchases from the Ministry of Finance and sales through a sales window foreign currency. The profits realized from the proceeds of the investment portfolio in various segments.
The report further indicated the investment level. The portfolio increased by 25% in 2018 as a result of the positive difference between the Iraqi central bank’s purchases of the U.S dollar and its sales. It also includes the conversion of a large portion of other foreign currencies because of the maturity of some investment measures and returns to the U.S dollar. CBI pointed out that Iraqi gold grew in value during 2018 by 6% compared to 2017. It was a result of increased investment in this asset and the gold reserves of the CBI about 96 tons in 2018. The statement further indicated that Iraq ranks 5th in the Arab world and ranked 37th in terms of gold reserves. It is noteworthy that Iraq was one of the largest buyers of gold in 2018 along with India, China, and Kazakhstan.
A member of the Parliamentary Finance Committee, Abdul Hadi al-Saadawi also indicated the intention of his committee to develop mechanisms to change the financial funds to raise the Iraqi dinar exchange rate and maintain the stability of inflation. Saadawi said in a statement that the committee will go through the current legislative term to change the general fiscal and monetary policy in the country. He added that the committee is meeting with CBI officials to discuss the proposed change. He said, the Parliament is keen to enact the law of financial administration and it will give a complete road map of the financial policy in terms of management of money and cash in the country.