Economics
Today, the Central Bank of Iraq (CBI) issued a report on foreign reserves, confirming the growth of these reserves by 5.52% y/y to IQD80.4 trln (around $67.5 bn) as end of 2019
The Central Bank of Iraq (CBI) said in a statement that foreign reserves showed 5.52% y/y growth in 2019. The bank said the increase witnessed by the bank's purchases of the US dollar from the Ministry of Finance compared to its sales through the currency sale window, as well as the profits accrued from the returns of the investment portfolio in its various sectors reflected positively on the rise of these reserves. It was stated that the gold segment has grown in 2019 due to the increase in the price of gold globally, pointing out that "Iraq is ranked 38th in the world with its gold holdings, and 5th in the Arab world, with a total of 96.3 tons." (Al Sumaria TV)
Source: https://www.alsumaria.tv/news/اقتصاد/334926/alsumaria-article
This publication may not be reproduced, modified, or re-disseminated in whole or in part without the prior written permission of Rabee Securities. The information provided herein is of a general nature and for informational purposes only and is not intended to serve as an offer or solicitation with respect to the purchase or sale of any security, or as a recommendation to adopt any particular trading strategy. Such information is subject to change without prior notice. Although Rabee Securities obtains information from sources it considers reliable, Rabee Securities makes no representations or warranties, express or implied, as to the information's accuracy or completeness. Furthermore, such information may be incomplete or condensed. Rabee Securities, its affiliates, directors, employees, assigns, agents, and successors bear no liability for any errors or omissions in this publication or for any losses arising from the use of or reliance upon this information. This limitation on liability applies to direct, indirect, consequential, special, punitive, or other damages, as well as damages for loss of profits or business interruption. Investors shall bear all responsibility for investment decisions taken on the basis of the contents of this report. Rabee Securities strongly advises potential investors to seek financial guidance when determining whether an investment is appropriate to their needs. All estimates included in this report constitute Rabee Securities’ opinion as of the date published on the report and are subject to change without notice. Copyright© Rabee Securities 2021