Iraq Buys $1.56 Billion of Gold, Biggest Purchase in 3 Years

Tue, Mar 25, 2014

by Khalid Al-Ansary and Nicholas Larkin

Iraq recently bought 36 metric tons of gold in March 2013, valued at about $1.56 billion, and the largest purchase by a nation in three years.

The Central Bank of Iraq acquired the gold to help stabilize the Iraqi dinar against foreign currencies. Iraq held about 29.8 tons of bullion as of August, according to data with the International Monetary Fund. The latest purchase was the biggest since Mexico bought 78.5 tons in March 2011.

To read the full piece from Bloomberg, click here.