Iraq’s gold reserves rise to 145.6 tons
A gold vault holding gold bars. Photo: Shutterstock
Baghdad (IraqiNews.com) – Data released by the International Monetary Fund (IMF) showed that Iraq had increased its possession of gold by 3,079 tons in February, bringing its total reserves of gold to 145,661 tons.
This growth reflects Iraq’s ongoing efforts to diversify its foreign reserves and improve long-term financial and monetary stability.
Gold is a traditional safe haven for investors, particularly during times of economic and geopolitical instability.
Iraq’s decision comes at a time when gold is becoming more expensive globally. In April, the price of an ounce of gold exceeded $2,400, the highest level recorded in history.
In its latest report issued in April, the World Gold Council revealed that Iraq maintained its position as the 30th-largest gold-holding country out of 100 countries, as its gold possessions remained 142.6 tons, representing 8.4 percent of the rest of its other reserves.
The World Gold Council mentioned earlier that Iraq purchased approximately 12.25 tons of gold in 2023.
The Central Bank of Iraq (CBI) purchased 34 tons of gold in June 2022, representing an increase of 35 percent in its holdings at that time.
Iraq is one of the countries that possess large amounts of gold reserves in the Arab region. It ranks fourth after Saudi Arabia, Algeria, and Morocco.
This increase in Iraq’s gold reserves is considered a positive indicator, reflecting the strength of the Iraqi economy.