Saudi Arabia tops Arab countries in gold reserves
Statistics issued by the World Gold Council showed Saudi Arabia topped the countries in the Arab world in terms of the volume of gold reserves (323.1 tons) which constitutes only 3.8 percent of its total reserves of foreign assets, which places the country in the 18th rank globally, followed by Lebanon in second place in the Arab world and 20th globally with reserves 286.8 tons of gold at the end of July, equivalent to 50.3 percent of Lebanon’s reserves of foreign assets.
Algeria ranked third in the Arab world with 173.6 tons of gold, representing 16 percent of reserves, ranking 26th globally, followed by Iraq in fourth place, possessing 130.4 tons, representing 9.5 percent of total reserves, ranking 30th globally. Kuwait ranked seventh in the Arab world and second among GCC countries in terms of central bank’s reserves of gold, which amounted to about 79 tons at the end of last July, representing 8.7 percent of its total reserves.
