It’s not the news we were hoping for…The new regional Central Bank of Iraq’s governor told parliament’s finance committee that Iraq’s foreign currency reserves have fallen from approximately $109 billion to $77 billion. This is a decline of approximately $31.5 billions. That’s an awful lot guys…Iraq’s monthly payroll including pensions is around $5.1 billion a month. Iraq’s oil revenue has dropped since March 2026…A decline in foreign reserves combined with more dinars entering into the economy can create additional challenges…This is the scenario the IMF has warned Iraq about repeatedly. And this is why the IMF has not backed Iraq in adjusting its currency…The important question is what happens next? Sandy Ingram
