CBI: Gold contributes 8.5% to Iraq's foreign currency reserves in 2023

Shafaq News/ The Central Bank of Iraq (CBI) has revealed that the contribution of gold, both domestically and internationally, accounted for 8.5% of the country's total foreign currency reserves in 2023.

In a recent report reviewed by Shafaq News, the bank stated that its total foreign currency reserves, “including gold, US dollars, and foreign currency cash, reached 145.257 trillion dinars (About $95 billion) in 2023. This marks an increase of 3.5% compared to 2022 when reserves totaled 140.086 trillion dinars.”

The report further noted that the gold component of these reserves amounted to 12.293 trillion dinars, representing 8.5% of the total. This reflects a growth of 10.37% from the previous year, where it was recorded at 11.018 trillion dinars.

According to the report, the contribution of foreign bank balances, particularly in New York, made up 91.3% of the foreign currency reserves, equating to 132.641 trillion dinars. Additionally, the contribution of foreign currency held in the Central Bank's vaults was a mere 0.2%, totaling 323 billion dinars.