Iraq maintains its ranking among the countries that own the gold


BAGHDAD / Al-Sabah:
The World Gold Council announced on Sunday that the world's reserves of gold will increase in May, Iraq will be ranked 37th in the world and fifth of the world's reserves will be allocated to the world.

That "gold provides an important cover for the currency, pointing out that the gold market in Iraq is growing continuously, and this is due to the root of the culture of gold possession of the Iraqi society."

He noted that "the entry of gold to Iraqi markets through the airports of Baghdad and Najaf did this trade significantly Making it a new economic resource And always, "pointing out that" Iraqi airports that allow access to the yellow metal receive monthly about 6 tons of gold. "

"The presence of a large reserve of gold strengthens the credit rating of Iraq, and we desperately need to."

"The world's reserves of gold rose for the month of May by 14 tons from April to 33 thousand and 813 tons," the council said in a statement published on its website.

"The United States still ranks first in the world in terms of these reserves, "He said.

The Council added that "Iraq has maintained the rank of 37 in the world in terms of these reserves out of the 100 countries listed in the international financial statistics of the global reserves of gold, while Iraq also maintained the fifth place in the Arab countries came after Saudi Arabia, Lebanon, Algeria and Libya."

The Council noted that "Iraq's gold reserves remained stable, recording 89.8 tons, representing 7.8% of the rest of the other currencies."

He pointed out that "the last purchase of Iraq from gold was in April 2014, where he bought 15.16 tons."

On January 23, 2014, the Central Bank decided to set up a series of pure gold bullion ranging between 50 g and 1000 g for sale to gold dealers, investors and segments of the society wishing to do so in Iraqi dinar.