Iraq continues to strengthen its foreign reserves as the Central Bank of Iraq reports a steady rise. The country’s total reserves reached $98.15 billion, marking an increase of over $3 billion in one month. This progress highlights Iraq’s improving financial position and its ongoing efforts to stabilize the national economy.
According to official figures, Iraq’s foreign reserves climbed from $94.64 billion in August to $98.15 billion in September. The rise equals about 127 trillion Iraqi dinars. In July, reserves stood at nearly $94.7 billion, showing consistent growth across three months. The key phrase Iraq’s foreign reserves reflects the country’s continued success in building strong financial stability.
However, Iraq’s foreign reserves remain slightly lower than in previous years. In 2024, they totaled around $100 billion, while in 2023 they reached over $111 billion. Despite this decline, the current upward trend suggests gradual recovery and renewed financial strength.
Mohammed Younis, Director of the Investment Department at the Central Bank, stated that Iraq’s foreign reserves follow a clear and secure policy framework. The bank invests these reserves in safe financial products to ensure reliable returns and long-term protection. This approach supports Iraq’s strategy to maintain economic balance and enhance confidence in its monetary system.
Furthermore, the Central Bank reported earlier that reserves dropped by over $8 billion during the past year. Yet, Iraq’s strong oil revenues and stable foreign financial flows helped the country recover much of that loss. As the fifth-largest oil producer in the world, Iraq benefits from steady energy exports that reinforce its ability to build reserves quickly.
In addition, Iraq’s foreign reserves play a vital role in supporting trade and meeting international obligations. They also provide full coverage of the monetary base, strengthening the national currency and helping the government manage inflation risks. The rise in Iraq’s foreign reserves therefore ensures broader financial stability and promotes investor trust.
Moving forward, Iraq plans to continue diversifying its economic activities. By expanding non-oil sectors and encouraging foreign investments, the country aims to maintain steady reserve growth while reducing dependency on oil income. These reforms will help Iraq build a more resilient and sustainable economy.
Overall, Iraq’s foreign reserves demonstrate the country’s determination to safeguard its financial future and stabilize its economic environment through prudent monetary policies and strategic planning.