Iraq’s central bank may buy more gold in coming months: Minister

Tunis: Iraq’s central bank may buy more gold in coming months depending on investment needs, the finance minister said on Tuesday on the sidelines of an Arab ministers meeting in Tunis.

The Central Bank of Iraq bought 36 tonnes of gold last month, it said in a statement, in a bid to help stabilise the exchange rate of the Iraqi dinar against other currencies.

That purchase was the first addition to Iraq’s gold reserves since it increased its holdings by 23.9 tonnes in August 2012, according to data from the International Monetary Fund.

At the time of the purchase it was worth $1.5 billion.

With the 29.8 tonnes which the World Gold Council says it already held, the purchase brings Iraq’s total gold holdings to 65.8 tonnes, making it the 43rd largest official sector bullion holder in the world, after Denmark and just ahead of Pakistan.