The Central Bank issued a reassurance to citizens on Tuesday regarding the availability of physical US dollars, confirming the ongoing arrival of new shipments to the country in the coming days. The advisor to the Central Bank governor and official
spokesperson explained that the total dollar reserves, whether held in the Central Bank's account or the government's account at the Federal Reserve, improved during September and October of 2026, after having dropped to 73 billion dollars; the reserves have now
returned to nearly 80 billion dollars. He noted that the gold reserves remained unchanged at 170 tons. He indicated that the improvement in dollar reserves during September and October was due to oil export revenues reaching close to 6 billion
dollars, a level considered acceptable amid the current crisis. He added that the main challenge lies in Iraq's heavy reliance on oil as a primary source of public revenue, especially for financing public spending and salaries, meaning that reserves are
not an absolute figure but rather represent the adequacy of reserves. He mentioned that if oil exports were to halt, as happened in April, May, and June, the reserves would have been sufficient for about a year, though they dropped
to nine months; currently, they are returning to previous levels. He emphasized that reserves are measured not by their absolute value but by their capacity to support foreign trade, which Iraq heavily depends on. He stressed the necessity for the
Ministry of Finance to exert efforts to find sources that reduce reliance on reserves. He pointed out that the Prime Minister personally monitors the arrival of dollar shipments, with each shipment carrying approximately half a billion dollars. He confirmed that
two planes loaded with dollars have arrived, with more shipments expected in the coming days according to the Prime Minister's statements. He reassured citizens that physical dollars are available at the Central Bank, which has allowed travelers to receive six
annual allocations instead of two allocations that were set four months ago. He indicated that there is an agreement to continue sending shipments in the upcoming period, noting that the continuity of arrivals depends on security conditions. He warned that
any conflict or confrontation could pose challenges in securing the arrival of cash shipments, especially since each shipment carries about half a billion dollars, requiring adequate protection to safely transport them. He expressed hope that the country would continue under
normal circumstances without imposing additional burdens on citizens. Regarding the deposit of Iraqi reserves with the US Federal Reserve, he confirmed that this decision is based on logical, scientific, and technical considerations rather than political motives. He pointed out that
legal cases are pending abroad concerning some Iraqi government banks that have not yet been resolved, and resolving these cases may open other options for where to deposit reserves. He explained that Iraq's choice to place most of its reserves
with the US Federal Reserve is due to the protection it offers these funds. He concluded by stating that Iraq holds reserves distributed across several global financial centers, including Europe, Basel, the UAE, and China, but the majority is held
with the US Federal Reserve due to the protection it provides to Iraqi reserves.
