The latest report of the World Gold Council showed central banks in the world bought around 651.5 tons of gold in 2018. The report pointed out that Russia and Turkey had raised their reserves at the expense of the dollar. Some countries including Iraq, India, China, and Kazakhstan were among the top gold buyers during 2018.
The data shows Iraq increased its reserves during last year by 6.45 tons and brought its total gold holdings to 96.3 tons. The report also pointed out that the reserves of Iraq reached the end of the 3rd quarter of 2018 about 96.3 tons. It allowed the country to progress on Arab economies rich in precious metal reserves. The geopolitical and trade tensions coupled with Washington’s sanctions policy have shaken confidence in the U.S dollar during recent years. It prompted a number of global central banks to increase their purchase of gold.
It is also important that Saudi Arabia plans to open the largest trading arena on its northern border with Iraq during the next 4 months. This coincides with the official opening of the Arar port of the Iraqi side, which Riyadh undertook to create all of its equipment. The Saudi ambassador to Iraq, Abdul Aziz al-Shammari said in a press statement, “The Saudi-Saudi Coordination Council will be held in the capital Baghdad next March, and it is expected to sign many agreements and launch several projects between the two countries on the sidelines of the meeting”.
He added, “The Saudi-Iraqi coordination council will be held in March in Baghdad, and there will be agreements and launch projects, and in the next two months, visas will be granted to Iraqis. The Iraqi-Iraqi relations are at their best”. He also announced a close visit of Iraqi officials to Saudi Arabia. He also said that his country has fulfilled its commitment to establish the port from the Iraqi side and that the construction operations have already started through a Saudi company, Months From now. The port is expected to open officially in June.