Iraqi Central Bank Reserves Record Significant Increase Compared to Previous Quarter

The Central Bank of Iraq announced that its total foreign currency reserves rose by more than twelve percent compared to the last quarter, marking the highest level in nearly three years. Official financial sources attributed this growth to the remarkable increase in crude oil export revenues, in addition to unprecedented improvement in tax and customs fee collection. The Central Bank Governor affirmed that this rise reflects a prudent monetary policy adopted by the institution over the past period, which focused on diversifying income sources and reducing dependence on oil as the sole source of hard currency. He also noted that current reserves cover more than nine months of imports, providing the Iraqi economy with a strong protective shield against any potential international fluctuations. The Bank pledged to take additional measures to enhance financial transparency.