Iraq’s gold reserves surpass 132 tons
Gold bars and coins are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany. Photo: Reuters
Baghdad (IraqiNews.com) – The Central Bank of Iraq (CBI) announced on Tuesday that Iraq’s gold reserves exceeded 132 tons, the Iraqi News Agency (INA) reported.
A statement issued by the CBI mentioned that it recently purchased approximately 2.3 tons of gold, representing 1.79 percent of the bank’s current holdings of this precious metal, for a total of 132.74 tons of gold.
With the new purchase, the CBI preserved its 30th rank among countries with the largest gold reserves in the world, the statement clarified.
The purchase aims to increase the CBI’s holdings of gold amid global economic and political conditions, the statement elaborated.
Banks and financial institutions constantly increase their gold reserves because this measure has a positive impact on their financial solvency and the creditworthiness of their countries.
The CBI bought 34 tons of gold last June, representing an increase of 35 percent in its holdings.
Iraq resumed its purchases of gold in 2022 after a 4-year stoppage as part of a program to diversify its foreign assets, estimated at $100 billion.