Iraq boosts its gold reserves to 96 tons

Data from the World Gold Council revealed that Iraq's gold reserves rose to about 96.3 tons by the end of the third quarter of 2018. This allowed it to make progress on the rich-reserve Arab economies. precious metals.

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Geopolitical and commercial tensions as well as Washington's sanctions policy have shaken confidence in the US dollar in recent years, prompting a number of global central banks to increase their gold purchases.

The World Gold Council's latest report indicated that central banks around the world had bought about 651.5 tonnes of gold in 2018, pointing out that Russia and Turkey had increased their reserves at the expense of the dollar.

Countries such as Iraq, India, China and Kazakhstan were among the major buyers of gold in 2018. According to the data, Iraq has increased its reserves by 6, 45 tons last year, bringing the total of its gold reserves to 96.3 tons.

Iraq ranked 37th in the world and 4th in the Arab world in terms of gold reserves, and thus to the rich Gulf economies such as Kuwait (79 tonnes), Qatar (31.3%), tons) and the United Arab Emirates (7.5 tons).

Gold reserves are part of a country's total reserves, as Iraq's reserves account for 6.7 percent of total reserves, or $ 58,451 billion at the end of September, according to the Council's report. .

Source: RT