Iraq's Central Bank Bolsters Gold Reserves Amid Global Economic Uncertainty

Shafaq News/ The Central Bank of Iraq (CBI) announced on Tuesday that it had purchased approximately 2.3 tons of gold, resulting in a 1.79% increase in its total holdings of the precious metal.

With this acquisition, Iraq's gold reserves now stand at 132.74 tons, maintaining its position at 30th in the global ranking of countries' gold holdings.

According to a statement from the CBI's Investments Department, the purchase was made to augment its gold holdings, considering the prevailing economic and political conditions worldwide.

The statement emphasized the significance of gold as a crucial component of reserves held by banks and international financial institutions.

These institutions consistently seek to bolster their gold reserves due to the positive impact it has on their financial stability and the creditworthiness of their respective countries.