Iraq diversifying foreign reserves
- Iraq: Saturday, December 22 - 2012 at 01:54
The International Monetary Fund (IMF) has said Iraq has made its first major move in years to boost its gold reserves in recent months, joining central banks from emerging market economies such as Brazil and Russia in diversifying its foreign reserves, Reuters has reported. Over the course of three months between August and October this year, Iraq's gold holdings quadrupled to 31.07 tonnes. In the first change in its reserve in years, the country added some 23.9 tonnes in August, bringing the total to 29.7 tonnes. That was followed by a 2.3-tonne rise in September to 32.09 tonnes and then by a cut of 1.02 tonnes in October to 31.07 tonnes, the report said.
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