Iraq is fourth in the Arab world by possessing the “lion’s share” of gold reserves

{Economic: Al-Furat News} The World Gold Council’s report for the month of September showed that gold reserves in Arab countries amounted to 1,515.1 tons.

According to the report, the gold reserves of all countries of the world together reached 35,664.5 tons.
The report revealed what central banks own in gold, noting that 5 Arab countries account for the lion’s share (about 69%) of the total Arab countries’ reserves of the yellow metal.
According to the Gold Council report, Saudi Arabia possesses (323.1 tons), Lebanon (286.8 tons), Algeria (173.6 tons), Iraq (132.6 tons), and Egypt (125.9 tons).
Globally, the United States topped the list with (8133.5 tons), followed in second place by Germany (3352.6 tons), then Italy (2451.8 tons), then France (2436.9 tons), followed by Russia with reserves of 2329.6 tons.
The past years have witnessed a desire by central banks around the world to buy the precious metal in light of economic fluctuations and high inflation rates.

According to a previous report, demand jumped to its highest levels in 11 years in 2022 thanks to central banks recording their largest purchases ever. The council said that central banks bought 386.9 tons of gold in the first half of 2023, which is their largest purchase volume during the period from January to June in any year since 2000.