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Sat. Mar 2nd, 2024

Iraq has significantly bolstered its reserves of gold, reaching a milestone of over 142 tons, according to the latest findings unveiled by the World Gold Council on Wednesday. The report, issued in January, positions Iraq at thirtieth among nations with the largest gold holdings globally, marking a notable advancement in its economic profile.

The surge in Iraq’s gold reserves reflects a strategic move to diversify its assets, as outlined by the World Gold Council report. Notably, Iraq’s gold holdings have surged from 132 tons to 142.6 tons, indicating an increase of 8.3 percent in its overall reserves composition.

Among Arab nations, Iraq stands fourth in gold reserves, trailing behind Saudi Arabia, Lebanon, and Algeria, with respective holdings of 323.1 tons, 286.8 tons, and 173.6 tons. This escalation in gold reserves underscores Iraq’s efforts to fortify its financial standing within the region.

In the global landscape, the United States maintains its position as the world’s foremost holder of gold, boasting a staggering 8,133.5 tons. Germany and Italy follow suit with substantial reserves, while Bosnia and Herzegovina closes the ranking with a modest 1.5 tons.

Iraq’s resurgence in gold acquisitions commenced in 2022 after a four-year hiatus, aligning with its overarching strategy to diversify its foreign assets, estimated at $100 billion. The Central Bank of Iraq spearheaded this initiative, securing an impressive 34 tons of gold in June 2022 alone, marking a notable 35 percent surge in holdings at that time.

As the second-largest oil producer within the Organization of the Petroleum Exporting Countries (OPEC), Iraq’s foray into bolstering its gold reserves underscores a concerted effort to fortify its economic resilience amidst global market dynamics. The strategic resurgence in gold acquisitions positions Iraq favorably within the realm of international economic players, amplifying its financial stability and diversification endeavors.

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