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Iraq Central Bank Continues Gold Accumulation

 
 Iraq Central Bank Continues Gold Accumulation (photo credit: SHUTTERSTOCK)
Iraq Central Bank Continues Gold Accumulation
(photo credit: SHUTTERSTOCK)

The Central Bank of Iraq has continued to accumulate gold, adding 4 tonnes in June and July. Total gold holdings now stand at 153 tonnes.

The Central Bank of Iraq (CBI) has further expanded its gold reserves, adding 4 tonnes to its holdings in June and July. This brings the CBI's total gold purchases for the year to 10 tonnes, lifting its overall gold reserves to 153 tonnes.

The CBI's decision to accumulate gold is in line with a growing trend among central banks worldwide. Many central banks are diversifying their foreign exchange reserves and seeking safe-haven assets like gold to protect their economies from economic and geopolitical risks.

Gold's appeal as a strategic asset has increased in recent years due to factors such as:

  • Inflationary Pressures: Gold is often seen as a hedge against inflation, as its value tends to rise when prices of goods and services increase.
  • Geopolitical Uncertainty: Global tensions and geopolitical risks can drive demand for gold as a safe-haven asset.
  • Currency Fluctuations: Gold can help to protect central banks from currency volatility, as its value is not tied to any particular currency.

By increasing its gold reserves, the CBI is demonstrating its commitment to safeguarding the Iraqi economy and ensuring its financial stability. The central bank's decision is likely influenced by a combination of economic factors and geopolitical considerations.

As the global economic landscape continues to evolve, it is expected that the CBI will continue to monitor gold prices and adjust its investment strategy accordingly. The central bank's gold holdings are likely to play a significant role in Iraq's economic future.

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This article is for informational purposes only. The opinions and analysis herein are those of the author and are not financial advice. The Jerusalem Post (JPost.com) does not endorse or recommend any investments based on this information. Investors should consider their financial situation, investment goals, and risk tolerance before making any decisions. Consulting a qualified financial advisor is recommended. JPost.com is not liable for any investment losses from using this information. The information provided is for educational purposes only and should not be considered as trading or investment advice.

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