Private Banks Association: Iraq Holds Strong Foreign Reserves as Exchange Rate Stability Outlook Improves

The Iraqi Private Banks Association announced on Sunday that the Central Bank of Iraq continues to meet all requests for dollar transfers abroad, emphasizing that the country maintains substantial and solid foreign currency reserves that support market stability.

The association’s Executive Director, Ali Tareq, stated that the central bank is fulfilling all external dollar transfer requests, confirming that financial operations are proceeding without interruption.

Tareq noted that security and political developments can influence dollar prices in the domestic market. However, he stressed that Iraq’s strong foreign reserves enable the central bank to meet market demand and strengthen prospects for exchange rate stability.

Regarding sanctions imposed on certain banks, Tareq explained that financial institutions are currently complying with domestic and international regulations and standards, expressing hope that Iraq will not face further financial sanctions in the coming period.