Saturday, June 22, 2024

Baghdad

Iraq maintains its 30th rank with the largest gold reserves

 Iraq maintains its 30th rank with the largest gold reserves

A gold vault holding gold bars. Photo: Shutterstock

Baghdad (IraqiNews.com) – The World Gold Council revealed on Monday 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.

In its latest report issued in April, the World Gold Council said that the gold reserves of Iraq, Algeria, Egypt, Lebanon, Saudi Arabia, Libya, Qatar, Kuwait, Jordan, Syria, Morocco, Tunisia, Bahrain, and Yemen reached 1.481 million kilograms.

The World Gold Council indicated that the United States tops the list with the largest possession of gold in the world, reaching 8,133.5 tons, followed by Germany with 3,352.3 tons, and then Italy with 2,451.8 tons.

Yemen ranked 99th with 1.5 tons, followed by Bosnia and Herzegovina with the same amount of 1.5 tons.

The World Gold Council mentioned earlier that Iraq purchased approximately 12.25 tons of gold in 2023.

Iraq, the second-largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC), 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.

The Central Bank of Iraq (CBI) bought 34 tons of gold in June 2022, representing an increase of 35 percent in its holdings at that time.

Central banks around the world are expanding their bullion holdings amid mounting geopolitical and economic risks.