The Central Bank of Iraq announced on Tuesday that foreign reserves grew 7% in 2017, stressing that these reserves are distributed in eight countries.
The bank said in a statement that “the annual reports of data in 2017 showed growth of foreign reserves by 7% compared to 2016,” indicating that “the investment portfolio of US dollar also grew by 38% as a result-oriented investment in the currency of the dollar bonds and treasury bills and deposits.”
The bank added that “investment portfolio in gold also saw a positive growth rate of 15% in 2017, which caused a parity value in 2017 compared to 2016, as the Bank’s investments of Islamic instruments grew by 50%.”
“The reserve department takes into account the importance of the geographic distribution of investments,” he said. “These reserves are distributed among eight countries, the United States, Switzerland, France and Britain.”
On December 26, 2017, Iraqi Central Bank Governor Ali al-Alak announced that the Bank’s foreign currency reserve stood at 48 billion dollars.