Iraq’s central bank achieved a new milestone as its Iraq gold reserves reached a record-high level. The Central Bank of Iraq (CBI) confirmed that the reserves crossed 24 trillion dinars, equal to about $16.4 billion.
Furthermore, the CBI highlighted strong yearly growth in its holdings. The gold reserves increased by 13.3% over the last year and surged by 135% compared with two years ago. This progress marks a turning point for the bank’s financial strategy.
In addition, the value of gold now equals 20% of Iraq’s total reserves. The overall reserves stand at 123 trillion dinars, or around $84.2 billion. This ratio reflects the growing importance of gold in the country’s financial security.
Previously, Iraq never crossed the level of 20 trillion dinars in gold holdings. Now, the central bank has not only passed that mark but has also made gold account for over one-fifth of total reserves. This achievement highlights the new direction of Iraq’s monetary policy.
Moreover, experts stressed that expanding gold reserves strengthens the Iraqi dinar. The rising level provides protection against fluctuations in global currencies. With unstable international markets, the CBI continues to focus on gold as a stable financial shield.
Manar Al-Obaidi, a leading economic analyst, emphasized that the CBI carefully shaped this strategy. He explained that higher gold reserves help Iraq reduce risks linked to dollar exchange rates and other volatile assets. This policy ensures stronger backing for the dinar and more confidence in Iraq’s economy.
As a result, Iraq’s financial outlook appears more secure. The bank has created a cushion that supports stability during global uncertainty. By increasing reserves, the CBI also sends a message of strength to international markets.
Consequently, many observers believe this achievement marks the start of a broader economic plan. Iraq is positioning itself to rely less on unstable foreign currencies and more on stable assets like gold. The CBI continues to make gold a central part of its financial gold reserves reached strategy.