Baghdad: The Central Bank of Iraq (CBI) confirmed on Saturday that it continues to finance foreign trade through approved purposes and channels, noting that foreign reserves are sufficient to meet all demands for foreign currency.

According to Iraqi News Agency, the Bank stated: “In light of media reports regarding rising prices and sluggish market activity, the Central Bank of Iraq announces that it possesses sufficient foreign reserves to meet demands for foreign currency-specifically for financing foreign trade, settling bank card transactions, and fulfilling travelers’ requests for cash dollars at the official approved exchange rate.”

The Bank highlighted that “the rise in the exchange rate in local markets is driven by market speculation, expectations, and the exploitation of regional geopolitical conditions by certain parties-who benefit from the situation-to disrupt economic and financial stability.” The Bank reaffirmed “its continued financing of foreign trade via approved channels, ensuring the smooth flow of imports and the availability of goods to meet local market needs.”

The Central Bank of Iraq urged citizens to “rely exclusively on official information and data issued by the Bank and to avoid being swayed by news or information from unreliable sources.” It further noted that citizens may submit complaints or reports regarding any violations or inquiries via the official CBI.