Iraq’s foreign currency reserves are expected to surge more than 12 per cent to $90 billion by the end of the year amid higher oil prices, according to the country’s central bank.
Total foreign currency reserves currently stand at more than $80bn, state news agency INA reported on Sunday, citing deputy governor of the central bank, Ammar Khalaf.
The country’s gold reserves have also climbed to more than 131 tonnes at present, he said.
Oil prices, which rose more than 67 per cent last year amid a faster-than-expected economic rebound, have been extremely volatile this year, rocked by the Russia-Ukraine conflict.
Brent, the global benchmark for two thirds of the world's oil, is up more than 20 per cent since the start of this year after falling from a 14-year high when it nearly touched $140 per barrel in March.
Brent settled 0.13 per cent higher at $96.72 a barrel at the close of trading on Friday. West Texas Intermediate, the gauge that tracks US crude, closed 0.3 per cent higher at $90.77 a barrel.
Iraq, Opec’s second-largest producer, depends on oil revenue to meet 90 per cent of government expenditure.
Last month, the country announced the discovery of several new oil wells in the province of Anbar, in the west of the country.
Iraq exports an average of 3.3 million barrels of oil per day, while production in the semi-autonomous Kurdish region amounts to a little more than 450,000 bpd.
Iraq’s economy, which grew 5.9 per cent in 2021, is forecast to expand 9.5 per cent and 5.7 per cent in 2022 and 2023 respectively as oil prices trade higher, according to the latest projections from the International Monetary Fund.
The country's government debt is set to fall "steeply" as a share of its economic output this year due to higher oil prices, restoring its gross domestic product to pre-Covid-19 pandemic levels, Fitch Ratings said in a report last month.
The government’s debt as a percentage of GDP is forecast to fall to about 47 per cent this year from 66 per cent of output in 2021, the biggest of any government in the Middle East and North Africa.
Fitch forecasts Iraq will record a fiscal surplus amounting to 17 per cent of GDP in 2022, based on a 6 per cent boost in spending.
The decline in debt, however, may not be sustainable, due to political tensions that have constrained public spending and reflect the country's high political risk, it said.
Despite higher oil prices, rise in crude production and exports that have reduced the government debt to GDP ratio and boosted foreign currency reserves, there is still "significant uncertainty about public finance trends and the oil price outlook", Fitch said.
The rating agency also said Iraq's subsidy programmes remain unreformed and were in danger of running out of money due to the rise in global commodity prices.
A white paper on economic reforms submitted to the parliament by Iraqi Prime Minister Mustafa Al Kadhimi's government in 2020 recommended the phasing out of subsidies in sectors considered critical to the country's economy, notably the power industry.
It also proposed slashing the bill for government salaries to 12.5 per cent of GDP within three years, from 25 per cent, as well as reforms to the pension system and a reduction in benefits and allowances.
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
The Pope's itinerary
Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport
Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial
Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Sanju
Produced: Vidhu Vinod Chopra, Rajkumar Hirani
Director: Rajkumar Hirani
Cast: Ranbir Kapoor, Vicky Kaushal, Paresh Rawal, Anushka Sharma, Manish’s Koirala, Dia Mirza, Sonam Kapoor, Jim Sarbh, Boman Irani
Rating: 3.5 stars
UAE currency: the story behind the money in your pockets
The five pillars of Islam
Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
Favourite player: Franz Beckenbauer
Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
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Cinco in numbers
Dh3.7 million
The estimated cost of Victoria Swarovski’s gem-encrusted Michael Cinco wedding gown
46
The number, in kilograms, that Swarovski’s wedding gown weighed.
1,000
The hours it took to create Cinco’s vermillion petal gown, as seen in his atelier [note, is the one he’s playing with in the corner of a room]
50
How many looks Cinco has created in a new collection to celebrate Ballet Philippines’ 50th birthday
3,000
The hours needed to create the butterfly gown worn by Aishwarya Rai to the 2018 Cannes Film Festival.
1.1 million
The number of followers that Michael Cinco’s Instagram account has garnered.
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
PROFILE OF STARZPLAY
Date started: 2014
Founders: Maaz Sheikh, Danny Bates
Based: Dubai, UAE
Sector: Entertainment/Streaming Video On Demand
Number of employees: 125
Investors/Investment amount: $125 million. Major investors include Starz/Lionsgate, State Street, SEQ and Delta Partners
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
UAE currency: the story behind the money in your pockets
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What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
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