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.
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