Central Bank says Iraq holds 12 months of reserves for imports

BAGHDAD — Iraq’s Central Bank said Sunday the country holds foreign currency reserves sufficient to cover about 12 months of imports, as its board of directors reviewed potential economic risks linked to the ongoing regional war.

The bank said it conducted “a comprehensive assessment of conditions in the monetary and financial markets,” including banking sector liquidity, money supply developments and foreign currency needs. Officials also reviewed options to ensure the payment of public sector salaries and essential expenditures in the coming months.

“The Central Bank’s reserves cover about 12 months of imports,” the statement said, adding that the bank has “full readiness and effective tools to deal with various developments.”

The board discussed economic and financial scenarios for the coming period, focusing on maintaining monetary policy flexibility and financial stability, and stressed the importance of continuing support for banking sector liquidity to ensure the smooth provision of financial services.