US dollar leads the pack in Iraq’s foreign reserves

Shafaq News/ The US dollar accounts for more than 40% of Iraq’s foreign reserves investment portfolio, the Financial Adviser to the Prime Minister, Mudher Mohammed Saleh, revealed on Wednesday.

Speaking to Shafaq News agency, Saleh attributed the figure to the fact that the country’s oil exports — the main source of state revenue — are settled in dollars.

Iraq’s foreign reserves, which have remained around $110B or slightly lower, play a crucial role in shielding the national economy from external shocks, with the reserves diversified across various foreign currencies and gold within the national portfolio, he added.

According to the Central Bank of Iraq (CBI), the country’s foreign reserves include 130.8 trillion Iraqi dinars ($99.408 billion), along with 162.6 tons of gold.