Iraq’s foreign reserves hit $75.3 billion

The Central Bank of Iraq. Photo: AFP Baghdad (IraqiNews.com) – Iraq’s foreign reserves rose to over 113.99 trillion Iraqi dinars (almost $75.3 billion) as of October 15, 2026, according to data released by the Central Bank of Iraq (CBI). The country’s foreign reserves increased compared to September, when they stood at approximately 101.718 trillion Iraqi dinars (approximately $67.17 billion), local news outlet Shafaq News reported. Director of the CBI’s Statistics and Research Department, Samir Neama, said that the country’s foreign currency reserves can cover Iraq’s imports for a whole year. Speaking at the MERI 2026 forum in Erbil, Neama clarified that the CBI is in a very comfortable situation in terms of foreign reserves. While International Monetary Fund (IMF) reports indicate a capability to finance imports for three to six months, Neama confirmed that the reserves are sufficient to cover the country’s needs for more than a year. A Standard Chartered economist said in early October that Iraq may resort to the IMF if oil revenues continue to fall and the currency’s devaluation fails to boost state finances as intended. Standard Chartered chief economist for the Middle East and Pakistan Carla Slim said that any potential program with the IMF could entail structural reforms, particularly regarding the public sector wage bill, to enhance fiscal sustainability, Bloomberg reported. If the current pace of depletion continues, Iraq’s foreign reserves might fall to roughly $60 billion by the end of the year, down from over $100 billion at the beginning of the year, according to Slim. The economist indicated that the local currency’s exchange rate may be adjusted again in the future months, based on changes in oil earnings and foreign reserves.