Iraq maintains its Arab ranking in gold reserves

Iraq maintains its Arab ranking in gold reserves

 Baghdad / Range

The World Gold Council said on Thursday that the world's gold reserves rose in June, noting that Iraq has maintained the fifth rank of the Arab world reserves.
"The world's reserves of gold rose for the month of June by 51 tons from May to 33 thousand and 425 tons, while the United States ranked first in the world in terms of these reserves, which amounted to 8.133. 5, followed by Germany with 3.377 tons.
The Council added that "Iraq has maintained the fifth rank in the Arab countries in terms of these reserves, where he came after each of Saudi Arabia, Lebanon, Algeria and Libya," noting that "Iraq also maintained 37th place globally out of the 100 countries listed in international financial statistics of global reserves of gold during the month of June Of the current year 2017 ".
The Council noted that "Iraq's gold reserves remained constant, recording 89.8 tons, representing 8.0 of the rest of the other currencies," noting that "the last purchase of Iraq from gold was in April 2014, where he bought 15.16 tons."
Iraq, which has been ranked in the past two months, after the World Gold Council announced the rise in the world's gold reserves in April and May, noting that Iraq has maintained the fifth rank in the Arab world reserves.
The Central Bank of Iraq decided at the end of January 2014 to form a variety of pure gold bullion weighing between (50 g and 1000 g) for sale to gold dealers, investors and segments of society wishing to do so in Iraqi dinar.
The report pointed out that the United States ranked first in the world with gold reserves of 8133.5 tons, which constitute 73.3% of its total reserves, while Germany ranked second in the world with reserves amounted to 3381 tons (constituting 67.4% of its total reserves).
While China, the second largest economy in the world, ranked sixth in the world with a gold reserve of 1,778.5 tons, equivalent to 1.9% of its total reserves. The global economic crisis in 2008 and the US implementation of quantitative stimulus policy prompted the Chinese central bank to start storing the yellow metal.
The reserves of Turkey, which account for the reserves of commercial banks of gold part of their national reserves, amounted to 516.7 tons of gold, which secured the world's 12th rank.


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