By John Lee.
The Central Bank of Iraq (CBI) has stated that its foreign reserves are sufficient to meet all demand for foreign currency, including trade financing, bank card settlements, and travellers' cash requests at the official exchange rate.
According to the CBI, the recent rise in the exchange rate on local markets is attributable to speculation, market expectations, and the exploitation of regional geopolitical conditions by parties benefiting from the instability.
The bank confirmed it will continue to finance foreign trade through approved channels to ensure the smooth flow of imports and the supply of domestic market needs.
(Source: Central Bank of Iraq)
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