Iraq bets on gold over currencies

 Shafaq News – Baghdad

Gold provides greater security than foreign currencies within Iraq’s reserve holdings, according to Mudher Mohammed Saleh, the prime minister’s financial adviser.

Speaking to Shafaq News, Saleh said Iraq manages its reserves by allocating assets between major international currencies and gold, following internationally recognized standards linked to global trade structures.

He added that gold helps reduce exposure to currency fluctuations, with a reference allocation of about 9% of total reserves, a level that may vary depending on reserve size and overall risk conditions.

According to the World Gold Council, Iraq holds about 170.9 tonnes of gold—around 16% of its total foreign reserves—maintaining its 29th position globally among nearly 100 countries tracked.