KTFA
Clare » March 16th, 2025
Al-Sudani’s advisor: Iraq’s foreign reserves reach $110 billion
3/16/2025-Baghdad
The Prime Minister’s financial advisor, Mazhar Mohammed Salih, confirmed on Sunday that Iraq’s foreign exchange reserves are a safety net against economic fluctuations, noting that they are estimated at approximately $110 billion.
“Iraq’s foreign exchange reserves are one of the most important indicators supporting investment, both domestic and foreign, as the country has a stable foreign exchange portfolio estimated at approximately $110 billion, distributed between gold, dollars, and foreign currencies,” Saleh said in a statement to the official agency, followed by “Al-Eqtisad News.”
He explained that “these reserves contribute to strengthening macroeconomic stability, both domestically and externally, making them a protective factor against global economic fluctuations and shocks. They also provide strong coverage for the monetary base and financial indicators related to trade and international debt maturing soon.”
He added, “The current account of the balance of payments is recording positive rates that enhance the stability of the value of the Iraqi dinar, thus reducing the impact of fluctuations in global oil markets, given the nature of Iraq’s rentier economy.”
He noted that “Iraq, as the fifth largest oil producer in the world, enjoys sustainable foreign financial flows, enabling it to quickly and efficiently support its cash reserves.”
He stressed that “these strong reserves provide a stable investment environment, which contributes to accelerating the pace of investment and supporting the country’s promising economic growth.” LINK
Turkish Energy Minister Arrives in Baghdad for Oil and Gas Talks
3/16/2025
Turkish Minister of Energy and Natural Resources Alp Arslan arrived in Baghdad on Sunday, according to a statement issued by the Iraqi Ministry of Oil.
Advertisement
______________________________________________________
The ministry said in a statement that Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul-Ghani Al-Sawad received Arslan and his accompanying delegation.
According to the statement, the meeting discussed bilateral relations between the two countries in the fields of oil, gas and energy.
The meeting was attended by the Undersecretary for Extraction Affairs and the General Managers of the Oil Marketing Company, the North Oil Company, the Economic Department, and the Legal Department, according to the statement.
Turkey halted flows on the pipeline, which transports oil from the Kurdistan Region of Iraq to the Turkish port of Ceyhan, in March 2023 after an arbitration court ordered it to pay approximately $1.5 billion in compensation to Iraq for transporting oil without Baghdad’s approval. Ankara refused to pay the fine at the time and demanded that Erbil pay it.
The pipeline closure halted Iraqi oil exports by approximately 500,000 barrels per day. The resumption of oil flows from Kurdistan may mitigate some of the impact on markets caused by reduced shipments from Iraq, the main source of crude.
Iraq had been exporting between 400,000 and 500,000 barrels per day from northern fields, including the Kurdistan Region, via the now-defunct pipeline. Oil Minister Hayan Abdul Ghani said earlier this month that Iraq plans to transport at least 300,000 barrels per day of crude oil once operations resume. He added that the Iraqi government has also begun a formal process to persuade the regional government to transfer the oil to the Federal Oil Marketing Organization (SOMO).
Türkiye has repeatedly said that the pipeline is operational and that it is up to Iraq to resume flows, and the United States has also expressed a strong desire to see oil flow through the Iraq-Turkey pipeline.
Advertisement
______________________________________________________
Resuming pipeline shipments could pose a dilemma for Baghdad, which is committed to reducing crude production as part of the OPEC+ agreement but is struggling to comply with the promised cuts.
OPEC’s production and exports are under increased scrutiny after US President Donald Trump called on the group in early 2025 to “bring down the price of oil.” LINK
Source: Dinar Recaps
______________________________________________________
If you wish to contact the author of a post, you can send us an email at voyagesoflight@gmail.com and we’ll forward your request to the author (if available). If you have any questions about a post or the website, you may also forward your questions and concerns to the same email address.
______________________________________________________
All articles, videos, and images posted on Dinar Chronicles were submitted by readers and/or handpicked by the site itself for informational and/or entertainment purposes.
Dinar Chronicles is not a registered investment adviser, broker dealer, banker or currency dealer and as such, no information on the website should be construed as investment advice. We do not support, represent or guarantee the completeness, truthfulness, accuracy, or reliability of any content or communications posted on this site. Information posted on this site may or may not be fictitious. We do not intend to and are not providing financial, legal, tax, political or any other advice to readers of this website.
Copyright © Dinar Chronicles
