The Central Bank of Iraq is among the top 10 banks buying gold in the world
The Central Bank of Iraq ranked seventh on the list of central banks that bought the most gold in 2024, according to data from the World Gold Council.
The volume of gold purchases by the Central Bank of Iraq in 2024 amounted to about 20 tons, surpassing Hungary, Uzbekistan and Ghana, while the first six countries on the list are Poland, Turkey, India, Azerbaijan, China and the Czech Republic.
Here is a list of the top 10 central banks buying gold in 2024 :
Poland: 89.5 tons
Türkiye: 74.8 tons
India: 72.6 tons
Azerbaijan: 44.8 tons
China: 44.2 tons
Czech Republic: 20.5 tons
Iraq: 20.1 tons
Hungary: 15.5 tons
Uzbekistan: 11 tons
Ghana: 11 tons
Iraq moves towards globalization.. Implementation of international accounting standards begins in 2026
The former director of the Financial Supervision Bureau, Salah Nouri, revealed the steps taken by Iraq to move to fully implement international accounting standards by 2026.
Nouri said in a statement to {Euphrates News} that: “The unified accounting system, which was adopted in the mid-eighties, was appropriate for the economic situation at the time; but it led to Iraq’s delay in keeping pace with international standards.”
He added, “The Accounting and Auditing Standards Board adopted 14 accounting rules according to international standards until 2016; but that was not enough to keep pace with global developments. In 2017, the board made a bold decision to adopt all international accounting standards, with the aim of enhancing financial transparency and attracting foreign investments, especially in the oil and banking sectors.”
Nouri pointed out that “the committee tasked with preparing the new unified accounting system completed its work in 2019, and the implementation of international standards was announced in 2021, but the Corona pandemic postponed this implementation.”
He stressed that “the year 2026 will witness the final implementation of these standards, which will make the Iraqi accounting environment consistent with the requirements of global financial markets.”
“This step will encourage foreign companies to invest in Iraq and will provide transparent financial data that will help in making sound investment decisions,” Nouri concluded.
International accounting standards are a common language for companies around the world, making it easier for investors to understand companies’ financial statements and make informed investment decisions.
This step comes as part of Iraq’s efforts to enhance financial transparency and attract foreign investment, especially in light of the economic challenges facing the country.
Iraq meets with NATO in Baghdad.. Al-Sudani stresses long-term partnership
Prime Minister Mohammed Shia Al-Sudani received today, Friday, at his residence in Munich, the Commander of the NATO Joint Forces Command, Admiral Stuart Munch.
During the meeting, they discussed enhancing bilateral cooperation with NATO in the field of training, intelligence coordination, and logistical support, based on the outcomes of the recent visit of the NATO Commander to Iraq.
It was also emphasized that the high-level security dialogue would continue in preparation for the bilateral meeting to be held in Baghdad later this year.
The Prime Minister stressed the importance of cooperation, in light of the long-term partnership with NATO, through the advisory role in the field of combating terrorism and developing and rehabilitating the Iraqi security forces, in a way that contributes to strengthening Iraq’s security and stability.
For his part, Admiral Munch stressed the importance of the bilateral relationship in the field of providing advice and training, praising the great development in the capabilities of the Iraqi forces to confront challenges and impose security.
The Government Has Taken A Series Of Measures To Facilitate Companies’ Work In The Field Of Digital Transformation
Baghdad Prime Minister Mohammed Shia Al-Sudani confirmed today, Friday, that the government has taken a series of measures to facilitate the work of companies in the field of digital transformation.
The Prime Minister’s Media Office said in a statement received by “Al-Eqtisad News”, “Prime Minister Mohammed Shia Al-Sudani received the CEO of the German company (Veridos), Mark Seifert, on the sidelines of his participation in the 61st Munich Security Conference.”
The statement added that “the meeting discussed developing cooperation with the global company specialized in printing passports and national cards, through its factory in the capital, Baghdad, which is one of the most prominent links in the economic relationship between Iraq and Germany.”
Al-Sudani welcomed – according to the statement – the tasks carried out by the company and reviewed its programs, especially those related to digital transformation in developing government services for citizens, indicating that “the government has taken a series of measures within its program to facilitate the work of companies to achieve tangible progress in this field.”
