Iraq’s foreign currency reserves reach historic high, says advisor to PM

BAGHDAD – Mazhar Saleh, financial adviser to the prime minister, announced Sunday that Iraq’s foreign currency reserves have reached about $111 billion, the highest in the nation’s history.

Saleh stated, “The economic policy significantly contributed to a stable dollar exchange rate at the official level,” underscoring the reduction in the parallel market’s impact and illegal activities. Though the official rate is still around 16,000 dinars below what $100 can buy at private exchanges, the difference has been shrinking in recent days.

He says the private sector’s foreign trade now benefits from the stable official exchange rate of 1,320 dinars per dollar.

He also mentioned the use of customs policy to maintain price stability and meet the national economy’s needs at the official exchange rate.

Saleh emphasized that the substantial reserves demonstrate the country’s trade efficiency, exceeding global standards, and ensure stability against price fluctuations.