Iraq's Central Bank Confirms Sufficient Foreign Reserves Amid Market Volatility

The Central Bank of Iraq (CBI) has announced that its foreign currency reserves are sufficient to meet all market demands, aiming to counter a wave of market instability and a surging US dollar in the parallel exchange markets.

According to the CBI, current reserves amount to $80.63 billion as of the end of July, which is considered extremely safe for supporting more than nine months of national imports.

The bank attributed the rising parallel market gap, where the US dollar soared beyond 1,600 Iraqi dinars, to speculation, manipulation, and exploitation of regional geopolitical concerns rather than a true dollar shortage.