ERBIL, Kurdistan Region - Iraq’s cash reserves are over $85 billion, the highest since 2003, the central bank said on Sunday.
The Central Bank of Iraq in a statement said its “foreign reserves have reached more than $85 billion US dollar, which is the highest rate the bank has recorded since 2003.”
Last month, the bank said it was expecting its cash reserves to reach $90 billion by the end of the year.
The record-high rise comes after cash reserves have seen a significant increase throughout the year compared to the year before due to soaring global oil prices.
Oil prices surged amid shortfall fears following Russia's invasion of Ukraine, with the US repeatedly urging members of the Organization for the Petroleum Exporting Countries (OPEC) to increase their oil production in an effort to stabilize the market. Iraq is also part of the agreement on production levels.
OPEC last week agreed to cut oil production to prop up prices.
The Iraqi government is dependent on oil revenues to cover its costs and pay the salaries of civil servants. Despite suffering in much of 2021 due to record low oil prices, the country’s economy is once again booming as oil prices are increasing globally.
In August, it pocketed $9.7 billion from oil sales, the lowest record in six months. However, it brought Iraq's 2022 total gross from oil sales to over $81.6 billion, already surpassing the entire revenue of 2021 which was $75.6 billion.
