The central bank of Iraq is planning to buy more gold in the near future to stabilize the currency against other currencies of the world. Parliamentary finance committee of Iraq announced that central bank of Iraq will purchase more gold in the near future depending on the need of the country. The central bank of Iraq purchased 36 tons of the gold ingots last month that made its gold reserves double.
After this purchases the total amount of the gold reserves in the country were 90 tons that defiantly impacted the overall worth of the currency at local and global level. Now Iraq is in top 50 buyers of the gold in the world and if it purchased more gold, it will be in top 30 top buyers of the gold in the world. This gold is being used to make gold coins for further sales to the different buyers in the country. Iraq also wants to improve the quality of gold in the country for local trade. Some economists believe that Iraq is doing all of these efforts to get membership of world trade organization and the things are almost done.