The Central Bank of Iraq (CBI) has further expanded its gold reserves, adding 4 tonnes to its holdings in June and July. This brings the CBI’s total gold purchases for the year to 10 tonnes, lifting its overall gold reserves to 153 tonnes.
New data from the IMF shows that the Central Bank of Iraq continued to increase its #gold reserves in June (3 tonnes) and July (1 tonne). Net purchases between Jan-Jul now total 10 tonnes, lifting total gold holdings to 153 tonnes. pic.twitter.com/kXpcyX9vgG
— Krishan Gopaul (@KrishanGopaul) October 2, 2024
The CBI’s decision to accumulate gold is in line with a growing trend among central banks worldwide. Many central banks are diversifying their foreign exchange reserves and seeking safe-haven assets like gold to protect their economies from economic and geopolitical risks.
Gold’s appeal as a strategic asset has increased in recent years due to factors such as:
- Inflationary Pressures: Gold is often seen as a hedge against inflation, as its value tends to rise when prices of goods and services increase.
- Geopolitical Uncertainty: Global tensions and geopolitical risks can drive demand for gold as a safe-haven asset.
- Currency Fluctuations: Gold can help to protect central banks from currency volatility, as its value is not tied to any particular currency.
By increasing its gold reserves, the CBI is demonstrating its commitment to safeguarding the Iraqi economy and ensuring its financial stability. The central bank’s decision is likely influenced by a combination of economic factors and geopolitical considerations.
As the global economic landscape continues to evolve, it is expected that the CBI will continue to monitor gold prices and adjust its investment strategy accordingly. The central bank’s gold holdings are likely to play a significant role in Iraq’s economic future.
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