Iraq’s currency reserves are expected to exceed $90 billion by the end of the year, from $70 billion in April, bolstered by higher oil prices, the state news agency INA cited Finance Minister Ali Allawi as saying on Wednesday.
The country’s foreign currency reserves had dropped to an “alarming” level in 2020, he said, when the COVID pandemic had caused oil prices to collapse. Iraq is a major crude oil exporter.
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