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HomeAfricaIraq's gold reserves Witness Significant Increase in February 2024 - Shafaq News

Iraq’s gold reserves Witness Significant Increase in February 2024 – Shafaq News

2024-05-14T07:17:25+00:00

Shafaq News / Iraq’s gold reserves saw a notable surge during February 2024, according to data from the International Monetary Fund, indicating that Iraq increased its holdings of the precious metal by 3.079 tons, bringing the total to 145.661 tons.

This increase reflects Iraq’s continued strategy of diversifying its foreign reserves and strengthening long-term financial and monetary stability. It is also a positive indicator of the health and strength of the Iraqi economy.

Gold has traditionally been considered a safe haven for investors, particularly during periods of economic and geopolitical uncertainty.

Iraq’s move comes at a time when the world is experiencing a rise in gold prices, reaching its highest level in history last month, exceeding $2400 per ounce.

Furthermore, Iraq is among the countries with large amounts of gold reserves in the Arab region, ranking fourth after Saudi Arabia, Algeria, and Morocco.