Central bank official says country's international reserves stand at up to $110bn
Iraq's economy should grow 9 percent this year as the OPEC nation's oil production expands and international reserves are expected at between $105-$110bn by the end of this year, a central bank official said on Friday.
Iraq has the world's fourth-largest oil reserves and is producing more than 3 million barrels of crude per day for the first time in three decades as its industry recovers from years of war and sanctions.
"I expect the GDP will reach $150bn by the end of 2013. It will be 9 percent (growth)," acting central bank governor Abdul-Basit Turki told Reuters at a banking conference in Baghdad.
The central bank has previously said it expected growth in 2012 to be around 10 percent and reserves in December last year were around $70bn.
Iraq's oil sector generates around 95 percent of government revenue, but the country still needs investment in other non-oil sectors and to improve its crumbling infrastructure and power generation systems.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.