Iraq increases its gold reserves by 10 tons
The World Gold Council announced on Wednesday that Iraq has increased its reserves of the precious metal by 10 tons.
According to the latest schedule published by the Council in March, which Shafaq News Agency reviewed, “Iraq increased its gold holdings by 10 tons to reach 162.7 tons after it was 152.7 tons during the past month, which represents 13.6% of its other remaining reserves.”
He added, “Iraq reached the 28th rank on the list out of 100 countries included in the table,” indicating that “Iraq came fourth in the Arab world after Saudi Arabia, Lebanon and Algeria.”
The Council pointed out that “the United States of America tops the list of countries with the largest gold holdings in the world, with 8,133 thousand tons, followed by Germany with 3,351 thousand tons, then Italy with 2,451 thousand tons, while Iceland came in last with 2 tons.”
Increasing gold reserves means increasing the amount of gold held by the state or the central bank as a financial reserve, in order to enhance financial security and the ability to confront economic or financial crises.
The World Gold Council is headquartered in the United Kingdom, has extensive experience and deep knowledge of the factors that cause market change, and its members consist of the largest and most advanced gold mining companies in the world.
Iraq’s annual inflation falls to 2.8%
The Central Bank of Iraq announced, on Wednesday, that the annual inflation rate in the country has decreased to 2.8%.
The bank said in a statement received by Shafak News Agency, “Annual inflation decreased in Iraq from 4% for the fourth quarter of 2023 to 2.8% for the same quarter of 2024.”
He added that “core inflation also decreased from 4.5% in the fourth quarter of 2023 to 2.5% in the same quarter of 2024.”
He pointed out that “general and basic inflation are at acceptable rates, and this reflects price stability and the success of monetary policy in Iraq.”
Iraq has witnessed fluctuations in inflation rates over the past years. In 2022, the annual inflation rate reached 5%, then rose to 6.6% in 2023, due to several factors, most notably changes in the exchange rate and the effects of the Russian-Ukrainian war.
Future forecasts vary; reports in October 2024 indicated that the International Monetary Fund expected Iraq’s inflation index to rise slightly to 3.5% in 2025, with it declining to 3% by 2029.
Lower inflation means a decline in the annual price increases of goods and services, which enhances citizens’ purchasing power and reflects economic stability.
