Erbil:The Iraqi Central Bank’s foreign currency reserves are robust enough to cover the country’s import needs for a year or more, according to Samir Fakhri Neama, the Director General of the Bank’s Statistics and Research Department.

According to National Iraqi News Agency, Neama made these remarks at the ninth dialogue session of the MERI 2026 Forum in Erbil. He highlighted that the government spends between 9 trillion and 10 trillion Iraqi dinars monthly, and recent increases in oil exports have eased financial pressures, offering the government more flexibility in managing its expenditures.

Neama pointed out that Iraq’s external debt has been decreasing in recent years. However, disruptions in oil exports have caused financial concerns, necessitating a cautious approach to choosing between domestic and external borrowing. He stressed that these financial decisions should be based on detailed analyses and regular consultations with fiscal policymakers.

In recent months, Iraq’s financial position has become more adaptable, partly due to oil exports averaging over 2.5 million barrels per day, which has expanded the government’s financial options and reduced pressure on the Central Bank. Despite International Monetary Fund reports suggesting that Iraq’s reserves could cover three to six months of imports, Neama assured that the reserves are sufficient for a full year or more.

Neama expressed confidence that Iraq will overcome current financial challenges related to oil revenues, underscoring the strength of the country’s foreign reserve position.