Iraq's central bank announced that domestic debt had increased in 2024 due to a decline in foreign reserves, Shafaq News reported on March 31.
The central bank's net foreign reserves for 2024 amounted to IQD130.81 trillion ($89.5bn), a decrease of 10.18% compared to the same period in 2023, when they reached IQD145.64 trillion ($99.7bn), according to the bank's latest monetary and financial indicators report.
The bank explained that "the reason for the decline in foreign reserves is due to the rise in domestic public debt to cover the actual deficit in the state's general budget."
The report indicated that Iraq's domestic public debt increased by 17.70% to reach IQD83.05 trillion ($56.8bn) during 2024, compared to 2023, when it amounted to IQD70.56 trillion ($48.3bn).
This significant shift in Iraq's financial indicators comes amid ongoing economic challenges in the country, which remains heavily dependent on oil revenues.
Related Articles
UAE-based Dragon Oil signs Iraqi oilfield services deals
State-owned Emirati firm Dragon Oil this week announced that it has signed two memorandums of understanding (MoUs) relating to its expanding oil activities in Iraq. According to a post on the ... more
Iraq continues export focus with strategic oil link to Oman
While flows overland from the north of the country remain shut-in, Iraq is working on a variety of new routes to market WHAT: As it explores strategic storage options with various partners, Iraq ... more
Kurdish official estimates Iraqi oil losses at $28bn
The 18-month suspension of oil exports from Iraqi Kurdistan has cost the state more than $28bn in lost revenue, a senior Kurdish official has said, as the fiscal damage is compounded by security ... more