Iraq maintains its 30th position in the world with the largest gold reserves

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The World Gold Council said on Wednesday that Iraq has retained its position as the world’s 30th largest gold reserve country.

According to the most recent table of the Council for the current month of September 2023, seen by Shafaq News agency, Iraq maintained its position 30 globally out of 100 countries listed in the table with the largest gold reserves, despite its purchase of 2.3 tons of gold in May, bringing its possession of gold to 132.6 tons, representing 7.6 tons.% of his remaining reserves.

He went on to say that Iraq has the fourth-largest gold deposits in the Arab world, after Saudi Arabia with 323.1 tons, Lebanon with 286.8 tons, Algeria with 173.6 tons, and Egypt with 125.9 tons.

He noted that the share of central banks buying gold during the second quarter of 2023 was 48.41 tons, followed by China at 45.10 tons, the Czech Republic at 6.06 tons, and Russia at 3.11 tons, while the majority of central banks sold gold during this period. Turkey led the period with 132.23 tons, followed by Tunisia with 18.50 tons and Uzbekistan with 4.04 tons.

According to the table, the United States of America continues to lead the rest of the world in gold possession, with 8,133 thousand tons, followed by Germany with 3,352 thousand tons, and then Italy with 2,451 thousand tons, while Suriname ranked 100th with 1.5 tons, followed by Bosnia and Herzegovina with the same amount.

“All countries, including Iraq,” said financial analyst Muhammad al-Hassani, “are attempting to diversify their basket of currencies and gold to be an investment portfolio in order to reduce risks and sudden fluctuations that may occur as a result of crises or currency depreciation.” It acts as a buffer and provides the state with monetary stability.”

“Countries do not rely heavily on gold in their investment portfolio because it is a heavy commodity, unlike other currencies that can be bought and sold quickly, so we see that some rich countries have gold, but their gold reserves are almost constant, and they do not carry out buying and selling operations on a regular basis,” he added. Continuing in the footsteps of America, Germany, and the United Kingdom.

On June 27, 2022, Iraq announced the acquisition of fresh quantities of gold totaling around (34) tons, a 35% increase over what it had previously declared, whereas in May it reported the purchase of 2.3 tons of gold.

The World Gold Council, situated in the United Kingdom, has significant expertise and profound knowledge of the variables affecting market shift, and its members include the world’s largest and most gold mining corporations.

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