21 June 2009

Gulf states central banks "aggressive" in hunt for gold

The WGC did not publish data regarding the UAE Central Bank's gold reserve apparently because the country has not disclosed its gold reserve to the IMF in the past six months. Two GCC countries – Saudi Arabia and Qatar – were shown were as having 11.9 and 3.1 per cent of their reserves in gold. The figure stood at 12.4 per cent and 3.7 per cent respectively for the two hydrocarbon rich countries in March 2009.

WGC CEO Aram Shishmanian had recently told Emirates Business that the GCC central banks are looking forward to improving their gold reserves. "Central banks with low reserves of gold are looking forward to increasing their reserves. They are trying to analyse what the right balance should be. They are getting aggressive," he had said.


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