Iraq Has Lost About $60 Billion in Oil Revenue to the War as Its Central Bank Insists Reserves Are Sufficient

Al Jazeera reported on Saturday, September 26, 2026 that Iraqi Prime Minister Ali al-Zaidi said this week the country has lost about $60 billion in oil revenue as a result of the US and Israeli war on Iran, having for a period been unable to export about 90 percent of its oil through its usual Persian Gulf routes. Oil provides more than 90 percent of Iraq's federal budget, and al-Zaidi described the country as facing "extraordinary economic challenges".

The Central Bank of Iraq denied any currency shortage in a statement on Saturday, September 26, saying it holds sufficient foreign reserves to meet all demand for foreign currency, including import financing. The Iraqi dinar market is one of Iran's main currency and trade channels with its western neighbour, so pressure on it feeds into trade between the two countries.