Rise in the Foreign Exchange Reserves of CBI

On Sunday, the Iraqi Central Bank has announced the increasing development in the foreign exchange reserves to 55.7 billion U.S dollars for the month of June 2018. A press statement issued by a source in the Iraqi Central Bank that the foreign exchange reserves of the CBI have been increased to 55.7 billion U.S dollars during the month of June 2018. The source further indicated that recent rise in the foreign exchange reserves was due to efficient management and successful investment. The statement pointed out that Iraqi has become one of those countries that are entirely secured with their foreign exchange reserves in order to efficiently fulfill demand by at least 100 percent of the U.S dollar. The Central Bank of Iraq has taken a number of measures to stabilize the economy of Iraq in a much better way.

CBI Reserves

On Saturday, the International Gold Council has announced the world gold ranking for Iraq and ranked at 37th country with the world’s highest gold reserves for the month of July 2018. The Council said in a statement that the reserves of gold in the world for the month of July 2018 declined by 79 tons during the month of June 2018, and the reserves were at 33 thousand and 734 tons at the beginning of June. The statement pointed out that the United States of America ranked at 1st in the world according to foreign exchange reserves. The U.S reserves are estimated to 8,133.5 tons placing first and Germany is getting 2nd rank with 3,371 tons. The Council further added in the statement that Iraq has reached at 37th in the world out of 100 countries, in the terms of foreign exchange reserves. These 100 countries are listed in the international financial statistics of the gold reserves globally. It is important that Iraqi reserves of gold are constant with 89.8 tons and fulfilling at least 7.7% demand of the entire demand.

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