Iraq ranked sixth among Arab countries in gold reserves

Baghdad (IraqiNews.com) – Al-Eqtisadiah news issued a report on Tuesday revealing the gold reserves of Arab countries by the end of the first quarter of 2022 where Iraq came sixth.

The report showed that Iraq has 6.8 percent of the Arab countries’ gold reserves with about 96.4 tons, while Arab countries together owned about 1412.7 tons at the end of the first quarter 2022.

The global reserves of gold are 35.59 thousand tons, and the reserves of Arab countries represent around four percent of the global reserves.

The report, according to data from the World Gold Council, revealed that the United States of America is on the top of the list as the American reserves of gold are 8.13 thousand tons representing 22.9 percent of the global reserves.

Saudi Arabia, which is ranked 18 globally, came in the first place among Arab countries with gold reserves of 323.1 tons representing 22.9 percent of the gold reserves of Arab countries.

Lebanon came second in the list of Arab countries with reserves of 286.8 tons which is 20.3 percent of the Arab gold reserve, Algeria is in the third place with gold reserves reaching 173.6 tons and Egypt is in the fourth place with 125 tons.

The gold reserve in central banks is an indicator of the strength of country’s credit and its ability to meet its financial obligations to creditors. It also gives countries financial security in times of crises such as the COVID-19 pandemic.