Boosting the value of the dinar, Iraq achieves the “highest” percentage of gold reserves in its history.
The Iraq Future Foundation for Economic Studies and Consultations announced on Wednesday that the Central Bank of Iraq has achieved its highest gold reserve since its establishment, with a value exceeding 24 trillion dinars.
The head of the institution, Manar Al-Obaidi, said in a report published today that the Central Bank of Iraq’s gold reserves have reached more than 24 trillion dinars, a 13.3% annual increase and a 135% increase compared to 2022. This brings the Central Bank’s gold reserves to 20% of the total Central Bank reserves, which amount to 123 trillion Iraqi dinars.
He explained that this record value is the first time the Central Bank of Iraq has reached this level since its establishment, as gold reserves have never exceeded 20 trillion dinars throughout the Central Bank’s operations. He noted that for the first time, the contribution of gold to reserves has exceeded 20% of total reserves.
The head of the institution continued by saying that reaching this level of gold reserves enhances the strength and value of the Iraqi dinar, especially given the fluctuations in various global currencies, including the dollar. Therefore, the Central Bank of Iraq has sought to increase its gold reserves, which are considered a safety factor in light of international financial fluctuations.
Shafaq.com