Iraq increases its gold reserves to 162.7 tons
The World Gold Council revealed on Wednesday that Iraq has increased its reserves of gold by 10 tons.
According to the most recent 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, Shafaq News reported.
In the list of countries having the largest gold reserves, Iraq ranked 28 out of 100. Following Saudi Arabia, Lebanon, and Algeria, Iraq ranked fourth among Arab countries.
With 8,133 tons, the United States led the list of countries with the greatest gold reserves worldwide, followed by Germany with 3,351 tons, then Italy with 2,451 tons, while Iceland came in last with barely two tons.
Central banks around the world are expanding their bullion holdings amid mounting geopolitical and economic risks.
The Central Bank of Iraq (CBI) revealed on Sunday that the country’s gold reserves rose by 45.1 percent in the fourth quarter of 2024 compared to the same period in 2023, as they rose from 12.29 trillion dinars ($9.38 billion) to 17.83 trillion dinars ($13.61 billion), the Iraqi News Agency (INA) reported.
Investors have long turned to gold as a safe haven, especially in uncertain economic and geopolitical times.
In the third quarter of 2024, the country’s gold reserves grew by 57 percent as the value of Iraq’s gold reserve increased from 10.7 trillion Iraqi dinars ($8.16 billion) in the third quarter of 2023 to 16.8 trillion Iraqi dinars ($10.67 billion), according to a statement released by the CBI.
Source: https://www.iraqinews.com/