Central Bank of Iraq Reports Significant Growth in Gold Reserves
The Central Bank of Iraq today announced a remarkable increase in the country’s gold reserves, with a growth rate of 57% in the third quarter of 2024, compared to the corresponding period in 2023.
As of now, the total value of gold reserves stands at 16.8 trillion dinars, a substantial rise from 10.7 trillion dinars recorded last year.
Inflation Rates Remain Low
In related developments, the Central Bank highlighted that the annual inflation rates in Iraq have remained among the lowest in the region during August and September 2024. Notably, inflation rates registered at 3.7% and 3.1%, respectively, signifying stable prices and the effectiveness of Iraq’s monetary policies.
Growth in Banking Deposits
Further data indicated that total deposits held in banks operating within Iraq experienced a growth of 4.2% in the third quarter of 2024, amounting to 127.6 trillion dinars, up from 122.4 trillion dinars during the same period in 2023.
Additionally, cash credit extended by public banks also surged, reflecting an 11.6% increase to 72.7 trillion dinars, compared to 65.1 trillion dinars in the previous year.
Private Banking Sector Performance
The statement also noted significant growth within the private banking sector. Deposits in private banks increased by 14%, while cash credit expanded by 15.1% during the same period.
Monetary Supply Growth
The overall money supply in Iraq recorded a 4.1% growth in the third quarter of 2024, reaching a total of 158.6 trillion dinars. Meanwhile, the broader monetary supply grew by 3.3%, totaling 179.8 trillion dinars.
Conclusion: Monetary Policy Effectiveness
The Central Bank concluded that these results are indicative of the successful implementation of monetary policies aimed at promoting economic stability in Iraq and enhancing confidence in the financial and banking system.
