Iraq?s foreign currency reserves have risen to close to $58 billion and are expected to increase further thanks to a rise in oil revenues, a central bank official said.
Mudher Kasim, the deputy central bank governor, said higher global oil prices had boosted Iraq?s federal revenue and could result in a budget surplus for 2011.
?(The amount of reserves) has gradually increased since the beginning of last year, when it was $40 billion. Now it is close to $58 billion,? Kasim said.
� 2011 Al Bawaba (www.albawaba.com)
Source: http://www.albawaba.com/business/iraq%E2%80%99s-foreign-currency-reserves-hit-some-58-billion-391753
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