Economy Update – Baghdad
The World Gold Council has announced a notable increase in Iraq’s gold reserves, raising them by 10 tons.
According to the latest data released by the Council in March, Iraq’s gold holdings have risen to 162.7 tons, up from 152.7 tons last month. This increase signifies that gold now constitutes 13.6% of Iraq’s total reserves.
The report indicates that Iraq ranks 28th among the 100 countries listed by the Council, making it the fourth-largest holder of gold in the Arab world, following Saudi Arabia, Lebanon, and Algeria.
In a global context, the United States remains the leading nation in gold reserves with 8,133 tons, followed by Germany at 3,351 tons and Italy with 2,451 tons. In contrast, Iceland holds a modest reserve of just 2 tons.
Increasing gold reserves is a critical strategy for enhancing a country’s financial safety and bolstering its capacity to navigate economic or financial crises. This tactic reflects a proactive approach to ensuring economic stability.
The World Gold Council, headquartered in the United Kingdom, comprises leading and advanced gold mining companies and possesses extensive insights into market dynamics.
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