Kujer: Iraq's gold and currency reserves are "good" and ensure economic stability
MP Jamal Kojar confirmed that the fluctuation of gold prices towards an upward trend does not directly affect the government's economic and financial situation, noting that the impact falls directly on citizens.
Kujer told Al-Furat News Agency that the speculation carried out by traders who deal in gold directly affects the individual, indicating that the Iraqi bank's gold reserves are positive and can contribute to supporting economic stability.
He added that "the bank's foreign currency reserves are very good, which puts the country's financial situation in safe hands from fluctuations."
Gold prices in Iraq have witnessed a significant increase over the past several months, particularly since the beginning of 2026, driven by a global surge that pushed the precious metal above one million dinars per mithqal in local markets. Despite some recent slight declines due to momentary fluctuations, the overall trend remains one of sustained upward movement, fueled by global and local economic and geopolitical factors.
According to economic experts, the main reasons for the rise are due to several factors, including global ones, where the rise is mainly due to increased demand for gold as a safe haven in light of economic uncertainty and global geopolitical tensions.
The continued strengthening of gold reserves by central banks, including the Central Bank of Iraq, as Iraq has repeatedly increased its holdings to support the stability of the national currency, in addition to the contribution of the weakness of the US dollar and expectations of interest rate cuts by the Federal Reserve, has increased the global attractiveness of gold, which has been directly reflected in the Iraqi market.
Locally, gold prices have been affected by the rising cost of living and the fluctuating exchange rate of the dollar against the dinar, which has prompted citizens to acquire gold as a financial hedge. link