Iraq’s foreign currency reserves have increased by $13 billion to $64 billion by end-2021 thanks to pragmatic management of the economy by the government, increase in revenues due to rebound in oil prices and efficient disbursement of public funds, a top government official said.
“These factors contributed to strengthening the foreign currency assets of the Central Bank,” said Mudher Muhammad Saleh, financial advisor to the Prime Minister.
Saleh told Zawya Projects that the increase in foreign currency reserves would benefit projects with as many as 6,000 post-war rebuilding projects stalled across the country due to cash crunch.
He said the reserves could be used by the government to support concessional financing for development projects and guarantee public-private partnership projects.
(Reporting by Majda Muhsen; Editing by Anoop Menon)
(anoop.menon@refinitiv.com)
© ZAWYA 2022
