The Central Bank of Iraq announced that Iraq has overcome the financial crisis and the coming days are promising, ruling out any decline of foreign currency reserves. The Iraqi Central Bank adviser Walid Aidy said, in a statement on Sunday, that the austerity and fiscal deficit crisis resulted from low oil prices have ended and Iraq has overcome the financial crisis and the coming days are promising.
He added that Iraq will attract a lot of foreign investments as foreign international companies are competing to invest in the recovery of cities liberated from ISIS. He explained that the entry of foreign companies to Iraq will reflect a positive outlook and will contribute to attracting major countries to rebuild the devastated areas and the holding of joint investment agreements.
Aidy continued that the decline of foreign currency reserves was temporary and will be improved in the near future. It is noteworthy that the bank announced earlier that Iraq's reserves of hard currency will arrive in 2018 to $62 billion.
Meanwhile, Iraq Stock Exchange achieved an increase in the number and value of traded shares during February, while there was a slight decrease in the number of contracts. The executive director of the stock market, Taha Ahmed Abdul Salam said in a statement that the Iraqi Stock Exchange market indicators in February 2017 have achieved a rise in the number of traded shares by 90%, and a rise in the value of traded shares by 67%, and a rise in the market price index of traded shares by 3.17%, and also a rise in the market value by 1.8%.