Central Bank: Iraq’s reserves have recovered by approximately $80 billion, and Al-Zidi is monitoring the arrival of shipments.
Central Bank: Iraq’s reserves have recovered by approximately $80 billion, and Al-Zidi is monitoring the arrival of shipments.
10-27-2026
The Central Bank of Iraq confirmed on Tuesday that Iraq’s dollar reserves have recovered to approximately $80 billion during September and October, reassuring citizens about the availability of cash dollars. The bank indicated that new shipments are expected to arrive in the country in the coming days. Mahmoud Daghir, advisor to the governor of the Central Bank of Iraq and the bank’s spokesperson, told the official news agency that “total dollar reserves, whether held in the Central Bank’s account or the government’s account with the Federal Reserve, improved during September and October of this year, 2026, after falling to $73 billion. Now, the reserves have returned to nearly $80 billion.” He added, “The gold reserves remain unchanged at 170 tons.”
He also explained that “the improvement in dollar reserves during September and October was due to the amounts of oil exports, which reached close to (6) billion,” indicating that “this is an acceptable level in light of the current crisis.”
He added that “Iraq’s problem is its heavy reliance on oil as a source of public revenue, and in financing public spending, especially salaries. Consequently, there is practically no figure for reserves, but rather what is called reserve sufficiency.” He continued, saying, “If our oil exports were cut off, as happened in April, May, and June of last year, the reserve was sufficient for a year, and it decreased to approximately nine months, and now it has begun to return to its previous level.” He warned, “Reserves are not measured by an absolute value, but rather by their ability to support our foreign trade, because we rely heavily on foreign trade.”
He pointed out that “the process of relying on reserves to cover our needs is difficult and illogical,” stressing “the need for the Ministry of Finance to make an effort to find sources that reduce reliance on reserves.”
He also pointed out that “Prime Minister Ali Faleh al-Zaidi is personally monitoring the arrival of dollar shipments, with each shipment carrying approximately half a billion.”
He added: “Two planes have arrived loaded with US dollars, and other shipments will follow in the coming days, according to statements by the Prime Minister.”
An advisor to the governor of the Central Bank of Iraq sent a message of reassurance to citizens, confirming that “cash dollars are available at the Central Bank, and this is the reason why travelers can obtain six quotas annually instead of the two quotas that were set four months ago.”
Dagher added that “Prime Minister Ali Faleh al-Zaidi stated that there is an agreement to continue sending shipments in the coming days, but their continued arrival remains dependent on security conditions.”
He explained that “the outbreak of any confrontation, war or conflict may raise challenges related to securing the arrival of cash shipments, especially since a single shipment carries about half a billion dollars, which requires providing the necessary protection to transport and deliver it safely to its destination,” expressing his hope “that the country will not witness such circumstances, and that the situation will continue normally in a way that ensures that citizens are not burdened with additional burdens.”
Regarding the deposit of Iraqi reserves with the US Federal Reserve, Dagher stressed that “this option is based on logical, scientific and technical considerations, and not on political desire.”
He pointed out that “there are legal cases filed abroad concerning Iraqi government banks that have not yet been resolved,” indicating that “resolving these cases may provide Iraq with other options regarding where to deposit its reserves.” He continued, saying that “Iraq’s resorting to placing the majority of its reserves with the US Federal Reserve comes within the framework of the protection it provides for these funds.”
He concluded by saying: “Iraq has reserves distributed in a number of financial centers around the world, including Europe, Basel, the UAE and China, but the main part of them is with the US Federal Reserve, because of the protection it provides for Iraqi reserves.”
burathanews.com
