Iraq follows Iranians in gold rush

As in neighboring Iran, the people of Iraq are turning their money into gold as the country suffers from terrorism and violence.

Analysts say Iraqis fear the government will fail to maintain economic stability as terrorist attacks occur daily. Also, the absence of a reliable banking system causes people to convert their savings into gold and keep them in their own possession. Trust in both the public and private sectors is low.

The Ministry of Standards and Quality Control for Gold and Minerals in the Kurdistan Region acknowledges that large quantities of gold are indeed imported and distributed. The ministry indicates that in the first six months of this year, almost 50 tonnes of gold were imported through the  Iraqi airports of Erbil and Sulaimaniyah. The gold is mainly imported via Turkey and the United Arab Emirates.