An economic expert explains the importance of Iraq's gold reserves

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For the fifth month.. Iraq maintains its 30th rank in the world with the largest gold reserves

2023-05-08 06:25

 

Shafaq News/ The World Gold Council announced, on Monday, that Iraq has maintained its 30th rank in the world for the fifth consecutive month, with the largest gold reserves.

 

The council said in its latest schedule for the month of April 2023, seen by Shafaq News agency, that "Iraq's ranking comes out of 100 countries listed in the table with the largest reserves of gold, after it rose ten ranks in July 2022, bringing its gold possession to 130.3 tons, which represents 8.1% of the rest." other precautions.

 

And she added, "Iraq did not buy or sell any amount of gold during the first months of 2023," noting that "the last purchase of gold by Iraq was in June of last year 2022 when it bought 33.9 tons."

 

He pointed out that “the most central banks buying gold during the first quarter of 2023 was the share of Singapore, as it bought 68.67 tons, followed by China by 57.85 tons, followed by Turkey 30.21 tons, then India 7.26 tons, while the most central banks of countries sold gold during This period went to Kazakhstan with 19.64 tons, followed by Uzbekistan with 14.62 tons, and then Cambodia with 10.08 tons.

 

Globally, according to the table, the United States of America still leads the rest of the countries with the largest possession of gold in the world, with 8,133 thousand tons, followed by Germany with 3,355 thousand tons, and then Italy came with 2,451 thousand tons, while Bosnia and Herzegovina ranked 100th with 1.5 tons, preceded by Yemen with 1.6 tons.

 

On June 27, 2022, Iraq announced the purchase of new quantities of gold, amounting to approximately (34) tons, an increase of 35% over what was in its possession.

 

It is noteworthy that the World Gold Council, which is based in the United Kingdom, has extensive experience and deep knowledge of the factors causing market change, and its members consist of the largest and most gold mining companies in the world.

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Iraq maintains its 30th position in the world with the largest gold reserves

Economical  2023/05/09

 

 

 Baghdad: morning

 

Yesterday, Monday, the World Gold Council announced that Iraq maintained its 30th rank in the world for the fifth consecutive month, with the largest gold reserves. In its latest schedule for the month of April 2023, the Council said, "Iraq's ranking comes out of 100 countries listed in the table with the largest gold reserves, after it rose ten ranks in July 2022, bringing its gold possession to 130.3 tons, which represents 8.1% of the rest of its other reserves." He added, "Iraq did not buy or sell any amount of gold during the first months of 2023," noting that "the last purchase of gold by Iraq was in June of last year 2022 when it bought 33.9 tons." He pointed out that “the most central banks of countries buying gold during the first quarter of 2023 were the share of Singapore, as it bought 68.67 tons, followed by China with 57.85 tons, followed by Turkey 30.21 tons, and then India 7.

Globally, according to the table, the United States of America still leads the rest of the countries with the largest possession of gold in the world, with 8,133 thousand tons, followed by Germany with 3,355 thousand tons, and then Italy came with 2,451 thousand tons, while Bosnia and Herzegovina ranked 100th with 1.5 tons, preceded by Yemen with 1.6 tons.

On June 27, 2022, Iraq announced the purchase of new quantities of gold, amounting to approximately (34) tons, an increase of 35% over what was in its possession. It is noteworthy that the World Gold Council is based in the United Kingdom and has extensive experience and deep knowledge of the factors causing market change, and its members consist of the largest and most gold mining companies in the world.

[yota691]

Iraq maintains its 30th position in the world with the largest gold reserves

2023-09-06 01:44

 

Shafaq News/ The World Gold Council revealed, on Wednesday, that Iraq has maintained its 30th rank in the world with the largest reserves of the yellow metal.

 

The most recent table of the Council for the current month of September 2023, seen by Shafaq News agency, showed that Iraq maintained its rank 30 globally out of 100 countries listed in the table with the largest reserves of gold, despite its purchase of 2.3 tons of gold in May, bringing its possession of gold to 132.6 tons, which represents 7.6 tons. % of his remaining reserves.

 

He added that Iraq ranked fourth in the Arab world with the largest gold reserves, after Saudi Arabia with 323.1 tons, Lebanon with 286.8 tons, Algeria with 173.6 tons, and Egypt with 125.9 tons.   

 

He pointed out that the most central banks buying gold during the second quarter of 2023 was the share of Poland, as it bought 48.41 tons, followed by China at 45.10 tons, followed by the Czech Republic at 6.06 tons, and then Russia at 3.11 tons, while the most central banks of countries sold gold during this period. The period went to Turkey at 132.23 tons, followed by Tunisia at 18.50 tons, and then Uzbekistan at 4.04 tons.

 

Globally, according to the table, the United States of America still leads the rest of the countries with the largest possession of gold in the world, with 8,133 thousand tons, followed by Germany with 3,352 thousand tons, and then Italy came with 2,451 thousand tons, while Suriname ranked 100th with 1.5 tons, followed by Bosnia and Herzegovina with the same amount of 1.5 tons. .

 

Financial expert Muhammad al-Hassani said, "All countries, including Iraq, are trying to diversify their basket of currencies and gold to be an investment portfolio to reduce risks and sudden fluctuations that may occur as a result of crises or currency depreciation. It is a kind of hedge and gives monetary stability to the state."

 

He added, "Countries do not rely heavily on gold in their investment portfolio, because it is a heavy commodity, not like other currencies that can be bought and sold quickly, so we see that some rich countries have gold, but their reserves of gold are almost constant, and they do not carry out buying and selling operations regularly." Continuing like America, Germany and the United Kingdom.

 

On June 27, 2022, Iraq announced the purchase of new quantities of gold, amounting to approximately (34) tons, an increase of 35% over what was in its possession, while in May it announced its purchase of 2.3 tons of gold.

 

It is noteworthy that the World Gold Council, which is based in the United Kingdom, has extensive experience and deep knowledge of the factors causing market change, and its members consist of the largest and most gold mining companies in the world.

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An economic expert explains the importance of Iraq's gold reserves

• Time: 09/22/2023 09:15:57
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• Read: 3,302 times

  

{Economic: Al-Furat News} An economic expert explained the importance of gold in the reserves of the Central Bank of Iraq.

 

Salah Nouri told {Al-Furat News} agency, “The gold reserve is a cover for the national currency in addition to the dollar and the euro, and the Central Bank of Iraq, like the rest of the central banks in the world, invests in gold, with the aim of diversifying the reserve and obtaining returns, by buying and selling in global markets, The first of which is the London market.

He referred to "measuring the central bank's reserve, that is, the assets it owns, which are gold, the dollar and euro currency, and US Treasury bonds as investments."

Nouri continued, "As for international transaction settlements, they are mainly made in the dollar currency, and then in the euro currency to a lesser and limited extent."

The World Gold Council showed in its report this September that gold reserves in Arab countries amounted to 1,515.1 tons, and Iraq ranked fourth with 132 tons after Saudi Arabia, Lebanon, and Algeria.