Iraq Says It Now Has More Than $60 Billion of Foreign Reserves

Iraq’s foreign reserves have risen to more than $60 billion, driven by the government’s economic reforms.

Khalid Al Ansary

12 Apr 2021, 01:27 PM IST

Iraq Says It Now Has More Than $60 Billion of Foreign Reserves

Iraqi 25000 dinar banknotes issued by the Central Bank of Iraq. (Photographer: Jason Alden/Bloomberg)

(Bloomberg) --

Iraq’s foreign reserves have risen to more than $60 billion, driven by the government’s economic reforms, Prime Minister Mustafa Al-Kadhimi said in a statement.

The OPEC member’s reserves fell heavily last year after the coronavirus pandemic caused oil prices to crash and the economy went into recession. The government devalued its currency by about 20% against the dollar in December.

Iraq’s reserves stood at about $51 billion in October.