Iraq buys $1.56 billion of gold, biggest monthly purchase in 3 years
Victoria Hewitt-Marsh, News Editor
25 Mar 2014, 2:46 p.m.
The Central Bank of Iraq purchased $1.56 billion of gold this month, the largest monthly purchase by a central bank in over 3 years.
In an emailed statement, the bank confirmed they bought the 36 metric tonnes of gold to help stabilise the Iraqi Dinar in the international currency markets. Prior to this purchase, Iraq held around 29.8 tons of gold according to the International Monetary Fund.
According to Mark O’Byrne, director at GoldCore Ltd, "gold is quite attractive to central bankers, they see it as an important asset diversification and a safe-haven element within foreign-exchange reserves.”