The Prime Minister’s Advisor for Financial Affairs, Mazhar Mohammed Salih, confirmed today, Saturday, that Iraq holds about 150 tons of gold, noting that it is a means to support the value of the dinar, achieve economic stability, and a hedge against inflation.
Saleh told the official agency, “Iraq keeps gold within its foreign reserves, and it is part of the official reserves of the Central Bank, as monetary gold is a means of supporting the value of the Iraqi dinar and achieving the desired economic stability.”
“When inflation rises and the value of foreign currencies falls, the price of gold usually rises, so gold is a hedge against inflation or currency devaluation. It is also a type of long-term investment and contributes to diversifying the country’s sovereign investment portfolio, because it is originally stable compared to currency volatility,” he added.
He continued, “Our country holds about 150 tons of gold, which constitutes a percentage of the country’s foreign currency reserves. This reserve is managed according to the guidelines issued by multilateral international financial organizations. It represents a hedging tool and a safe and appropriate haven, as it is an important part of the national currency cover.”
He pointed out that “the monetary authority in our country has sought in recent years to increase its gold reserves, in order to confront economic challenges and ensure the stability of the Iraqi dinar.”
He explained that “gold remains a protection tool against fluctuations in exchange rates and inflation problems, and it also contributes to enhancing investor confidence in the Iraqi economy.”
