US Treasury Secretary Janet Yellen can’t be very happy with Iraq these days.
In a surprising economic update, the World Gold Council has identified Iraq as the seventh-largest buyer of gold among nations in 2023. This significant acquisition reflects the country’s strategic efforts to bolster its financial stability amidst global economic fluctuations.
Iraq’s move to secure 12.25 tons of gold in 2023, as reported by the Central Bank of Iraq (CBI), positioned the country as a key player in the global gold market.
The 2023 gold buying spree, with Iraq emerging as a significant participant, reflects an ongoing assertive approach by nations to fortify their financial reserves.
This strategic purchase not only highlights Iraq’s growing economic foresight but also underscores its commitment to enhancing its financial security and growing independence on the world stage.
In a year marked by unprecedented geopolitical uncertainties and economic shifts, gold’s allure as a steadfast asset has led countries worldwide to increase their reserves.
According to the World Gold Council, the overall gold purchases by central banks in 2023, though slightly less than the previous year, remained impressively high – the second-highest in nearly 55 years.
The data from the Council highlighted that the total amount of gold bought by central banks was 1,037.4 tons in 2023, a minor decrease from 1,081.9 tons in 2022.
Leading the charge was the People’s Bank of China, with a massive acquisition of 224.88 tons of gold. Following China were Poland with 130.3 tons and Singapore with 76.51 tons. Libya, the Czech Republic, and India also featured prominently in the list, showcasing significant investments in the precious metal.
Interestingly, Iraq wasn’t alone in this pursuit within the Arab world.
Libya and Qatar also ranked amongst the top 10 Arab countries in gold acquisition in 2023. This trend underlines a broader regional approach towards economic stability and diversification of assets.
The 2023 gold buying spree, with Iraq emerging as a significant participant, reflects an ongoing assertive approach by nations to fortify their financial reserves.
This trend will continue to influence global market dynamics and economic strategies in the foreseeable future.
Supporting article: https://www.iraqinews.com/iraq/world-gold-council-reveals-iraq-as-7th-largest-buyer-of-gold-in-2023/
