(MENAFN) The International Monetary Fund (IMF) said that the Iraqi central bank quadrupled its gold holdings to 31.07 tons between August and October, reported Arabian Business.
The IMF's monthly statistics report shows that in August, the bank bought around 23.9 tons of gold, boosting its holdings of the precious metal to 29.7 tons, whereas in September it added 2.3 tons, bringing the total to 32.09 tons, and reduced 1.02 tons in October to 31.07 tons.
The IMF said that several central banks in emerging markets, including Russia and Brazil, also diversified their foreign reserves due to increasing doubts about the stability of the US dollar as the world's main reserve currency.
In November, Brazil boosted its gold holdings by almost a third to 67.199 tons, whereas Russia added 2.86 tons to 937.82 tons.
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