(MENAFN- Iraq Business News) By John Lee.
The Central Bank of Iraq (CBI) has recently acquired approximately 2.3 tons of gold, leading to a 1.79-percent increase in its overall gold holdings. With this purchase, the bank's total gold reserves now stand at 132.74 tons, maintaining its rank at 30 among the world's gold-holding nations.
The Investments Department of the Central Bank of Iraq emphasized that the decision to purchase additional gold was motivated by the prevailing economic and political conditions worldwide. Gold is considered a crucial asset for banks and international financial institutions, as it enhances their reserves and positively impacts their financial solvency and the creditworthiness of their respective countries.
The move by the Central Bank of Iraq reflects a broader trend among banks and financial institutions globally to bolster their gold reserves as a means to navigate uncertain economic times.
(Source: CBI)
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