Shafaq News/ Iraq relegated to the 39th rank among the world's biggest gold reserves after selling a hundred kilograms of the precious metal, the World Gold Council (WGC) said.
On its updates for August 2021, WGC said that Iraq's gold reserves dropped to 96.3 tons after selling a hundred kilograms, representing 9.1% of its total reserves.
"Iraq had not bought any gold since September 2020, when it bought 0.1 tons. It bought 6.5 tons in the same month years earlier," WGC reported.
Japan was the top buyer in the market in the first quarter of 2021 with 80.76 tons, followed by Hungary with 62.98 tons. Uzbekistan and India ranked third and fourth with 23.33 and 18.67 tons, respectively.
Turkey, on the other hand, sold the largest amount of gold during the same period, with 31.6 tons. The Philippines followed by 42.73 tons. The United Arab Emirates and Russia sold 3.43 and 3.11 tons, respectively. Jordan tailed with 3.05 tons sold.
The United States remains, by a margin, the top dog in terms of size of gold reserves with 8.133 thousand tons. The German reserves (3.359 thousand tons) came second. Yemen has the smallest reserves with 1.6 tons, preceded by Haiti (1.8 tons).