Foreign reserves jump over $3B by September

Shafaq News – Baghdad

Iraq’s foreign currency reserves rose by more than $3 billion by the end of September, the Central Bank of Iraq (CBI) reported on Saturday.

Official figures show reserves reached $98.155 billion, equivalent to 127.601 trillion Iraqi dinars, up $3.514 billion from August’s $94.641 billion (123.033 trillion dinars). Reserves also increased from July, which stood at $94.714 billion (123.128 trillion dinars).

Despite this growth, reserves remain below previous years’ levels, with $100.276 billion recorded in 2024 and $111.736 billion in 2023.

Iraq’s foreign reserves are complemented by gold holdings, which have climbed in recent years. By late 2024, Iraq ranked 28th globally and third in the Arab world for gold reserves, which now account for about 11.5 % of total foreign reserves. The CBI noted that the increase in reserves reflects rising confidence in the country’s monetary policy and highlighted low inflation alongside growth in gold holdings.