Iraq Makes Big Gold Purchase to Stabilize Dinar

Bloomberg reported yesterday that so far this month, Iraq has purchased 36 metric tons of gold worth about $1.56 billion. That’s the biggest purchase of the metal by a nation in three years.

As quoted in the market news:

The Central Bank of Iraq acquired the metal to help stabilize the Iraqi dinar against foreign currencies, it said in an e-mailed statement. The country held about 29.8 tons of bullion as of August, according to data on the International Monetary Fund’s website. The latest addition was the biggest since Mexico bought 78.5 tons in March 2011.

Click here to read the full Bloomberg report.