2024-04-21T06:39:28+00:00
The Governor of the Central Bank of Iraq (CBI), Ali Al-Alaq, disclosed that the bank’s reserves include US dollars and gold. Al-Alaq stated in an interview with CNBC Arabia that CBI’s foreign reserves exceed $100 billion. Additionally, he mentioned that the bank’s gold reserve exceeds 130 tons, with a majority stored in England.
Regarding Iraq’s foreign trade, Al-Alaq highlighted the strong ties with the UAE, emphasizing that trade volume amounts to $17 billion and is mainly conducted in Emirati dirhams. He also noted that the Abu Dhabi First Bank facilitates commercial transactions in Emirati dirhams.
Insight: It is crucial for central banks to maintain substantial reserves in foreign currencies like the US dollar to stabilize their economy and support their currency’s value. The significant gold reserves held by the Central Bank of Iraq offer diversification and stability to the country’s wealth portfolio.
