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Iraq boosts gold reserves by 2% in a day as it undertakes gradual buildup
By Khalid Al Ansary
Bloomberg News
Monday, May 29, 2023
Iraq's central bank boosted its gold reserves by about 2% in a single day last week as part of what it calls a gradual plan to stock up on the precious metal that's seen as a traditional haven in times of economic distress.
Iraq bought 2.5 tons of bullion on Thursday to bring its reserves to 132.73 tons, Mazin Sabah, director general of the central bank's investments department, said in an interview in Baghdad. The strategy is to acquire more gold in the second half of the year, Sabah said.
"Our plan is to buy small quantities over multiple times, not a big quantity in one go," Sabah said.
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Central banks around the world are expanding their holdings of bullion amid escalating geopolitical and economic risks. Iraq, OPEC's second-biggest oil producer, resumed gold purchases in 2022 after a four-year hiatus, under a program to diversify its roughly $100 billion in foreign assets.
Iraq's central bank bought 34 tons of gold last June, a one-time increase of 35% in its holdings. It stores bullion with the Bank of England and the Bank of France. ...
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