Source: International Monetary Fund.
Iraq’s international reserves have played a critical role in helping ensure macroeconomic stability. The accumulation of foreign exchange reserves at the CBI allowed Iraq to stabilize the Dinar, reverse the dollarization process, and contain inflation. Gross international reserves of the CBI increased from US$ 44.3 billion at end-2009 to US$ 50.6 billion at end-2010.
The authorities remain committed to ensuring the independence of the CBI. A ruling by Iraq’s Federal Supreme Court also noted that while the CBI is part of the country’s executive apparatus, it is by law independent in its decisions and operations.
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