Iraq’s gold reserves continue to rise, showing growing confidence in the country’s precious metal holdings. Meanwhile, its foreign currency reserves are falling, reflecting pressure on Iraq’s financial stability. The government sees this shift as a way to strengthen protection against global market risks.
According to the prime minister’s advisor, Iraq’s gold reserves reached 163 tons after an increase of nearly 10 tons. This rise highlights the government’s effort to diversify assets and reduce dependence on foreign currencies. By increasing gold reserves, Iraq aims to create a stronger financial shield against global uncertainty.
The advisor explained that Iraq’s economic team monitors global price changes and currency market fluctuations. They believe holding more gold can protect the national economy from external shocks. Moreover, officials think this move supports Iraq’s plan to balance reserves and improve financial stability.
At the same time, foreign currency gold reserves in Iraq have dropped. Experts say this decline comes from higher import costs and unstable oil revenues. Since oil exports remain the main source of foreign income, any price change directly affects the reserve balance. As a result, Iraq must manage spending carefully and seek alternative sources of income.
However, the rise in Iraq’s gold reserves offers some optimism. Economists note that strong gold holdings can build trust among investors and strengthen Iraq’s position in global financial markets. They also say this strategy reflects Iraq’s attempt to shift toward safer and more stable assets.
Furthermore, government advisors encourage expanding economic reforms to maintain balance between gold and currency reserves. They suggest boosting local production, supporting trade, and managing inflation. These steps could help Iraq reduce its dependence on oil and build a more diverse economy.
In the long term, Iraq’s success in managing its gold and currency reserves will depend on disciplined financial policies. With careful planning and steady growth, Iraq can protect its economy from sudden market shocks. By continuing this balanced approach, the country can secure its place as a stable player in the regional economy.