Iraq maintained the 30th ranking in the list of the countries with the largest gold reserves, the monthly report of the World Gold Council said.
The Central Bank of Iraq bought 34 tonnes of gold in June in a bid to help stabilize the exchange rate of the Iraqi dinar against other currencies.
The purchase marks the first addition to Iraq’s gold reserves since it lifted its holdings by 6.5 tonnes in 2018, according to data from the International Monetary Fund.
The world’s Central banks’ demand remained robust in July. The global gold reserves increased by 37 tonnes in July, below June’s 64 tonnes surge, the council reported.
“Qatar was the largest buyer, adding 15 tonnes of gold to its official reserves in July. The regular buyers of India (13 tonnes), Turkey (12 tonnes), and Uzbekistan (9 tonnes) were also active during the month,” the report said.
Kazakhstan was the only notable seller with 11 tonnes according to official reported data.
The US is still the top dog with 8.133 thousand tons, followed by Germany with 3.355 thousand tons. Cuba and Mauritania dwindled to the bottom of the rankings with only one ton each.
The World Gold Council is the market development organization for the gold industry. It works across all parts of the industry, from gold mining to investment, and its aim is to stimulate and sustain demand for gold.