International Reserves in Iraq
Iraq - International ReservesThe economy is in dire straits. Oil production was down sharply year-on-year in Q1 and, as part of April’s OPEC+ deal, Iraq has committed to reducing output substantially going forward. Moreover, oil prices are at historically low levels as Covid-19 hits demand. The combination of lower output and prices bodes poorly for the crucial energy sector and is crushing government revenues—roughly 90% of which come from oil. Compounding matters, domestic containment measures—although they have been eased in recent weeks—are hurting the non-oil sector and pose risks to social stability. In politics, following over five months of paralysis, intelligence chief Mustafa al-Kadhimi took office as prime minister in early May. While this reduces political uncertainty somewhat, institutional capacity is likely to remain weak and Parliament is still fractured, as evidenced by the initial rejection of several of Kadhimi’s ministerial picks.
Iraq - International Reserves Data
|International Reserves (USD)||50.9||42.0||45.6||60.8||-|
5 years of economic forecasts for more than 30 economic indicators.
Iraq International Reserves Chart
Source: World Bank and FocusEconomics calculations.
|Exchange Rate||1,194||0.0 %||Jan 01|
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