Kuwait Has The Second Most Gold Reserves In The Gulf And Seventh In The Arab World

At the end of last July, Kuwait's central bank had 79 tons of gold reserves, representing 8.7 percent of its total reserves, ranking seventh in the Arab world and second in the Gulf Cooperation Council.

World Gold Council statistics indicated that Saudi Arabia had the largest gold reserves in the Arab world, containing 323.1 tons, which only made up 3.8 percent of its total foreign asset reserves. In terms of global ranking, it is ranked 18th, followed by Lebanon at 20th and second in the Arab world with 286.8 tons of gold reserves at the end of July, equivalent to 50.3% of Lebanon’s foreign assets reserves.

Algeria ranked third in the Arab world with 173.6 tons of gold, representing 16 percent of reserves, ranking 26th globally; Iraq ranked fourth, possessing 130.4 tons, representing 9.5 percent of reserves, ranking 30th globally. Egypt came fifth in the Arab world and 34th globally, with 125.2 tons, representing 22.6 percent of the total reserves, then Libya ranked sixth in the Arab world with 116.6 tons, representing 8.2 percent of the total reserves, followed by Qatar in eighth place in the Arab world and 45th globally with 72.3 tons, representing 9.6 percent of the total reserves. The UAE is ninth in the Arab world and 49th globally with 55.2 tons, representing 4.9 percent of its total reserves.

The data indicated that the reserves of the world’s central banks of the yellow metal amounted to 35,393 tons at the end of last July, with the United States of America topping the list with 8133.5 tons, representing 66.9% of the reserves of the American Central Bank, followed by Germany with 3,355.1 tons of gold, representing 66.1% of the total reserves of the Bundesbank.

With the Corona virus crisis and its effects, gold has become a safe haven, especially during times of crisis, as many buy it to hedge against inflation risks.

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