The World Gold Council has issued a statement that Iraqi gold reserves have decreased significantly.
The statement also indicated that current gold reserves in Iraq are estimated at 89.8 tons. The statement also pointed out that these gold reserves were at 90 tons in the year 2014. The council published statistics in the beginning of January 2016 and indicated that Iraqi gold reserves are showing stability and didn’t make any kind of major change, though Iraqi gold reserves have been reached 89.8 tons as recorded in the first week of January 2016.
The Council also pointed out that Iraq has sufficient amount of gold reserves and didn’t decreased too much as these gold reserves were at 90 tons in 2014 and recent calculated gold reserves are at 89.8 tons. It means gold reserves are stable at this time in the country and this amount represents at least 4.5 percent of foreign currency reserves. The statement also added that it is important that Iraq didn’t buy gold since the month of April 2014, at that time Iraq bought 16 tons of gold. Point to be noted that Iraq is considered at rand 37 in top 100 countries that have sufficient amount of gold reserves in the world.