Central Bank: Reserves Cover Year of Imports

The Iraqi Central Bank announced that its foreign currency reserves remain in a comfortable position, covering import bills for a full year or more, despite reports from the International Monetary Fund indicating coverage of only 3 to 6 months. It pointed out that the recent rise in oil exports, exceeding 2.5 million barrels per day, has helped grant the government greater flexibility in financing and ease pressure on the Central Bank. The bank also confirmed that monthly government spending ranges between 9 and 10 trillion dinars, and that the current financial situation is stable, with expectations of overcoming crises resulting from decreased oil revenues.

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