CBI: Iraq's foreign reserves shed $1.8 billion in a single week

Shafaq News- Baghdad

Iraq's foreign currency reserves fell sharply in the final week of April, according to fresh financial indicators published by the Central Bank of Iraq (CBI).

Net foreign assets held by the central bank declined from 125.614 trillion dinars on April 23 to 123.269 trillion dinars —approximately $93.3 billion— by the end of the month, a drop of 2.345 trillion dinars in seven days, equivalent to some $1.8 billion based on a Shafaq News calculation derived from central bank data. Other official reserves fell in parallel, settling at 122.780 trillion dinars.

Economic analyst Nabil al-Marsoumi attributed the continued decline directly to falling oil revenues.

The figures coincide with a warning issued Saturday by Oil Minister Bassem Mohammed Khadhir, who said ongoing regional instability is threatening the flow of energy supplies through the Strait of Hormuz.