Central Bank of Iraq Buys 36 Tonnes of Gold

By John Lee.

The Central Bank of Iraq has purchased 36 tonnes of gold valued at $1.6bn to help stabilise the Dinar against foreign currencies, Bloomberg reports.

Iraq is now the 43rd largest holder of gold reserves globally, having already held 29.8 tonnes as of August last year, but the latest purchase is one of the biggest by a central bank in recent years.

Turning a portion of oil revenues into gold reserves is one strategy recommended by the IMF for developing resource rich countries.

(Source: Bloomberg)

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