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Iraq ranks 37th globally, 5th in Arab world for gold reserves

Iran to enter new gold rush era as nation reels from US sanctions

Iraq has maintained its 37th position on the list of countries with the largest gold reserves in December, while it ranked fifth among Arab countries, according to the World Gold Council.

"Iraq has maintained the 37th place in the world in terms of these reserves out of the 100 countries listed in the international financial statistics of the world's gold reserves, and the fifth place in the Arab countries, coming after Saudi Arabia, Lebanon, Algeria and Libya," the council said in a statement.

"Iraq bought 6.5 tons of gold in September to raise its reserves to 96.3 tons of gold after it was 89.8 tons, but it maintained its rank of 37 globally,” the statement added, noting that these reserves represent 6.4 percent of the rest of the other currencies.

"The United States of America ranked first in the world in terms of reserves, which amounted to 8,133.5 tons, followed by Germany with 3,369 tons, while Laos occupied the last rank with 0.9 tons of gold," the council stated.