Iraq’s foreign exchange reserves surpass $100 billion: central bank

BAGHDAD, — Iraq’s Central Bank said on Monday that its foreign currency reserves have surpassed $100 billion and that liquidity remains steady in both Iraqi dinars and U.S. dollars, according to Mohammed Younis, director of the bank’s Investment Department.

Younis, speaking to the state-run Iraqi News Agency, noted the bank’s holdings also include over 163 tonnes of gold.

He added that the institution is not structured to pursue investment profits but is tasked with preserving monetary stability.

“The Central Bank manages these reserves through policies aimed at ensuring high security and consistent liquidity,” Younis said. “Returns are secondary to maintaining reliability and protection of assets.”

The statement comes amid a continued drop in global oil prices, which remain under Iraq’s budgetary expectations.

The country’s 2023–2025 federal budget is based on crude oil at $70 a barrel and daily exports of 3.5 million barrels. Brent crude prices have since slipped to the $60–$65 range, posing potential fiscal challenges.

Despite oil market fluctuations, Younis reaffirmed that the Central Bank is maintaining a cautious financial strategy. “Our reserve assets are placed in secure, low-risk instruments, in line with international standards,” he said.

Officials said the current liquidity levels reflect a stable monetary position and ongoing confidence in the Central Bank’s policies.

(With files from INA)