Iraq Buys 36 Tonnes of Gold in March, Doubling Reserves - Gainesville Coins News
No Minimum order! We accept Pay with Credit Card
Call Us: (813) 482-9300 Mon-Fri 9:00AM-6:00PM EST
Login or Register
Log into your account
About Gainesville Coins ®
Billions Of Dollars Bought And Sold A+ BBB Rating 10+ Years No Hidden Fees Or Commissions All Inventory Ships Directly From Our Vault

Iraq Buys 36 Tonnes of Gold in March, Doubling Reserves

blog | Published On by
Iraq Buys 36 Tonnes of Gold in March, Doubling Reserves

The Iraqi central bank announced that it has purchased a massive 36 metric tonnes* of gold this month. This purchase is valued at over $1.5 billion. Iraq had 29.8 tonnes of gold reserves in January, so this huge purchase more than doubled the government's gold holdings. Gold still only makes up 1.7% of total foreign reserves, according to the World Gold Council, so there is plenty of motive for more purchases in the future.

Governor of the Iraqi Central Bank, Abdel Basset Turki, told reporters that this huge influx of gold into the nation's reserves was "to stabilize the Iraqi dinar against foreign currencies." This purchase of gold was the largest by any central bank since the central bank of Mexico bought 78.5 tons in March 2011.

Using the latest numbers from the World Gold Council, Iraq has moved up 13 places, from #52 to #40 on the list of central bank gold reserves.

*36 tonnes equals 39.683 US (short) tons or 1,157,426 troy ounces.

man sitting on gold bars

Central banks have been net buyers of gold for four years, as a means to diversify their holdings and reduce the volatility of currency devaluation. Don't you owe the same diligence to your personal holdings? Gainesville Coins has no minimum purchase threshold, unlike many other big distributors, and our salespeople do not work on commission. This means no high pressure sales tactics when you call - you buy what YOU want, not what some high pressure salesperson talked you into buying.


This site uses cookies for analytics and to deliver personalized content. By continuing to browse our site, you agree that you have read and understand our Privacy Policy.