CBI determines the rank of Iraq globally with gold reserves

Economy/International

17-03-2022, 18:48

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Baghdad - INA

The Central Bank of Iraq announced today, Thursday, the size of the gold reserves in Iraq, while determining the country's ranking at the world level.

The Deputy Governor of the Central Bank, Ihsan Shamran, told the Iraqi News Agency (INA) that "the gold reserves in Iraq are 96.4 tons."

Shamran added, "Iraq is in the 37th sequence of international gold reserves.".

The World Gold Council, last January, published its report on the reserves of the central banks in the world of gold, and the data showed that the reserves amounted to 35571.3 tons of the metal.

According to the data, total reserves increased by about 11 tons in the January 2022 report compared to December 2021.

The United States leads the world in reserves of the precious metal, followed by Germany, then Italy, then France, and then Russia.

As for the Arab world, Saudi Arabia leads the Arab countries in gold reserves, as the Kingdom owns 323.1 tons of the precious metal, according to the first report of the World Gold Council this year.

Gold is a safe haven, especially in times of crisis, as many tend to buy it to hedge against inflation risks, and in the past years, the prices of the precious metal have risen in light of the Corona virus crisis and its consequences.