Iraq imported 50 tons of gold in 2025 amid global surge in demand

ERBIL, Kurdistan Region - Iraq has imported nearly 50 tons of gold so far in 2025, an official from the federal planning ministry said, noting that Baghdad lacks data on imports to the Kurdistan Region due to insufficient coordination between the two sides.

“The main sources of Iraq’s gold imports are the UAE and Turkey,” Faiyadh Mohammed Abd from the ministry’s quality control department told Rudaw on Thursday.

He added that Baghdad has no information on the volume of gold entering the Kurdistan Region this year, stressing the need for stronger “coordination” with Erbil. “We have not yet reached an agreement on this matter,” he said.

According to Abd, government regulations only allow gold imports through airports.

“The imports come through the Baghdad, Najaf, Basra, and Kirkuk airports,” he said.

A Kurdish gold merchant told Rudaw that between January and November, around 15 tons of gold were imported into the Kurdistan Region.

“More than ten tons entered through Sulaimani airport, while between three and three and a half tons came through Erbil airport,” said Haji Hajar Qadir, a gold businessman.

However, Handren Warti, head of the Erbil Goldsmiths Syndicate, said they have no official data on gold imports through Erbil airport.

Rudaw’s own follow-ups and calculations show that from October 1, 2023, to December 31, 2024, more than 28 tons of gold were imported into Iraq.

Iraq’s gold reserves

Iraq’s gold reserves have risen to record levels in 2025, with holdings estimated at around 170–171 tonnes. This places the country 29th globally and fourth in the Arab world, according to the World Gold Council.

The Central Bank of Iraq (CBI) has increased gold acquisitions as part of its strategy to strengthen economic stability.

Foreign currency reserves currently stand at around $100 billion — down by $8 billion compared to October of last year. They are composed of the US dollar, euro, Japanese yen, Chinese yuan, and British pound.

Despite ongoing budget deficits, Iraq’s economy has shown signs of stabilization in 2025, with inflation dropping by 21 percent and gold reserves significantly increasing, according to a July report from the Central Bank.

“These reserves reflect Iraq’s strong financial position,” Mazhar Mohammed Salih, economic advisor to Prime Minister Mohammed Shia' al-Sudani told Rudaw in October.

He added that the country’s robust reserves “could encourage foreign investment and help secure a lasting economic infrastructure.”