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Business and Finance
What is the share of Saudi Arabia in Arab gold?
Data from the World Gold Council revealed that the Arab gold reserves in August amounted to about 1,300 tons, out of the world's 34,000 tons of precious metals.
The data showed that Saudi Arabia leads Arab countries with gold reserves at 323.1 tons, which represents about a quarter of the reserves held by Arab countries in yellow metal.
Saudi Arabia's reserves are part of its international reserves of gold, foreign exchange and drawing rights. According to SAMA data, Saudi reserves amounted to Rs.1,862 billion. (approximately $ 496.5 billion).
After Saudi Arabia, Lebanon ranks second in the Arab world with gold reserves of 286.8 tons, followed by Algeria with 173.6 tons, followed by Libya with 116.6 tons, while Iraq ranked in fifth place with reserves of 96.3 tons.
It should be noted that these gold reserves belong to Arab central banks and have nothing to do with unexplored gold reserves.
Source: RT
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