Shafaq News/ Iraq’s Central Bank revealed on Tuesday a significant increase in its hard currency reserves, surpassing $111 billion, according to an official schedule obtained by Shafaq News Agency.

The data showed a remarkable surge of 45.14% in hard currency reserves for May 2023, compared to the same period in the previous year.

During May 2023, Iraq's hard currency reserves reached an impressive $111.765 billion, marking a notable increase of 79.97% compared to the corresponding period in 2021 when the reserves stood at $62.101 billion. These figures indicate a positive trend for Iraq's financial stability, bolstering confidence in the country's economic prospects.

Additionally, the Central Bank reported a rise in Iraq’s gold reserves, with holdings reaching 132.7 tons in May 2023. A considerable increase compared to the same period in both 2022 and 2021 when Iraq held 96.4 tons, positioning the country as the 30th largest holder of gold reserves globally. This ascent represents a significant leap from its previous ranking of 38th in the world.

Iraq's growing hard currency reserves and gold holdings highlight the country's efforts to strengthen its financial position and enhance its economic resilience.

It remains to be seen how Iraq will utilize its expanding reserves and gold holdings to fuel economic progress, promote stability, and support long-term development initiatives in the country.