Iraq has secured a strong position in the Arab world’s gold market, with reserves reaching 162 tons, according to Central Bank Governor Ali Al-Alaq. This makes Iraq one of the largest gold-holding nations in the region.
Al-Alaq emphasized that increasing gold reserves is a key strategy for reducing financial risks. He noted that Iraq has been consistently purchasing gold in recent years to strengthen its monetary stability.
The World Gold Council reported last week that Iraq had boosted its reserves by 10 tons. Official data showed that gold now makes up 13.6 percent of Iraq’s total reserves, reflecting the country’s effort to diversify its financial assets.
On a global scale, Iraq ranks 28th in gold reserves out of 100 countries. Among Arab nations, it holds the fourth position, following Saudi Arabia, Lebanon, and Algeria.
The move aligns with a broader global trend, as central banks worldwide are increasing gold reserves to counter economic and geopolitical uncertainty. In July 2024, the International Monetary Fund (IMF) reported that both Iraq and Qatar had expanded their gold holdings.
Iraq’s ongoing gold acquisitions highlight its commitment to financial stability and economic resilience. Gold has long been considered a safe asset, particularly during times of economic uncertainty. In June 2022, Iraq made a major purchase of 34 tons, increasing its total gold holdings by 35 percent.
The steady rise in Iraq’s gold reserves reflects the country’s efforts to strengthen its economy and protect its financial future.
