Iraq enjoys one of the highest gold reserves in the Arab world

Wed Mar 12 2025

The Governor of the Central Bank of Iraq (CBI), Ali Al-Alaq, said on Tuesday Iraq possesses 162 tons of gold reserves, which is among the largest among Arab countries. Al-Alaq told the state news agency (INA) that a possible approach to lower risks is to hold some of the country’s reserves in gold, adding that Iraq continuously purchased gold in recent years.

The World Gold Council revealed last week that Iraq has increased its reserves of gold by 10 tons. According to data released by the council, Iraq’s gold holdings, which account for 13.6 percent of its other reserves, rose by 10 tons to 162.7 tons compared to 152.7 tons during the previous month.

Iraq ranked 28th out of 100 countries with the highest gold reserves. Among Arab countries, Iraq came in fourth place, after Saudi Arabia, Lebanon, and Algeria. In response to growing economic and geopolitical threats, central banks worldwide are increasing their holdings of gold.

In July, the International Monetary Fund (IMF) announced that Qatar and Iraq had expanded their gold holdings. Iraq’s gold reserves increased by 2.64 tons in May 2024, reaching 148.3 tons overall, according to the IMF.

This increase reflects Iraq’s ongoing efforts to diversify its foreign reserves and improve long-term financial and monetary stability. Gold has historically been a shelter for investors, particularly during uncertain geopolitical and economic times.

Iraq’s central bank bought 34 tons of gold in June 2022, increasing its gold holdings by 35 percent. Iraq’s gold reserves have increased, which is seen as a sign of the country’s robust economy.

Source: https://www.iraqinews.com/