Central Bank of Iraq Reports Significant Growth in Gold Reserves
The Central Bank of Iraq has announced a remarkable 45.1% growth in its reserves for the fourth quarter of 2024 compared to the same period in the previous year. This notable increase underscores the bank’s strengthening financial position and fosters confidence in economic stability.
In a recent statement, the bank reported that its gold reserves surged from 12.29 trillion dinars in the fourth quarter of 2023 to 17.83 trillion dinars in the same quarter of 2024. This increase is attributed to both the accumulation of gold and rising global gold prices.
The Central Bank emphasized that this growth carries substantial benefits as it enhances economic and financial stability, mitigates risks, and serves as a critical tool for intervention in the foreign exchange market.
Regional Gold Reserves: An Overview
Recent data from the World Gold Council indicates that central banks in five Arab nations collectively hold over 1,000 tons of gold, ranking among the top gold reserve holders globally. According to the latest schedule, which is anticipated to be published in 2025, these central banks possess a total of 1,082 tons of gold.
The statistics reveal that Saudi Arabia leads the region with the largest gold reserves, amounting to 323.1 tons, followed closely by Lebanon with 286.8 tons. Algeria ranks third with 173.6 tons, while Iraq holds the fourth position with 152.7 tons. Libya rounds out the top five with 146.7 tons of gold reserves.
Global Gold Reserves
In a broader context, the United States holds the largest gold reserves in the world at 8,133.5 tons, with Germany and Italy following at 3,351.5 tons and 2,451 tons, respectively. Notably, Haiti appears on the list with a mere 1.8 tons.
The World Gold Council further notes that global gold reserves total approximately 36,165 tons, of which 10,770 tons are attributed to the euro area. This statistic highlights the strategic importance of gold as a reserve asset in maintaining economic stability.
The Central Bank of Iraq has included a graphical representation of the growth rates in its precious metal reserves, detailing the trends observed over the recent quarters, reinforcing the positive trajectory of its financial health.
