While it is on the path to becoming the second economic power in Africa, Algeria occupies a good place in the ranking of countries with the largest gold reserves in the Arab world.
With a GDP of 267 billion dollars expected in 2024, Algeria should climb onto the podium of the three largest economies in Africa, behind South Africa and Egypt, but ahead of Nigeria which occupied this position in 2023, and whose GDP is expected to be $253 billion this year.
Gold reserves: Algeria in the Arab Top 5
Better, the French firm Xerfi, sees Algeria ousting Egypt, whose GDP should reach 348 billion dollars to become the second largest economic power on the African continent.
A few days ago, President Abdelmadjid Tebboune announced that Algeria would reach a GDP of 400 billion dollars in 2026.
Which countries have the largest gold reserves?
In the Arab world, the Algerian economy is also well positioned. With 173.5 tonnes, Algeria occupies third place at the Arab level of countries with the largest gold reserves, behind Saudi Arabia with 323 tonnes and Lebanon with 286 tonnes, according to IMF figures released in February. last, taken up by Al Arabiya.
Libya, which has been facing a major political crisis since 2011, and Iraq, which has been struggling to get its head above water since the American invasion in 1991, complete the top 5 of this ranking with respectively 146.65 tonnes and 142, 58 tons.
Algeria, whose gold reserves have not changed since 2019, is among the 30 countries with the largest holdings of this precious metal in the world, according to the IMF.
At the global level, this ranking is dominated by the United States with 8,133 tonnes, followed by Germany with 3,352.2 tonnes and Italy with 2,451.8 tonnes. France is 4th with 2,436.9, followed by Russia with 2,332.7 tonnes.
The advantage of gold reserves lies in the fact that gold is not exposed, unlike the dollar or the euro, to fluctuations and speculation. In purchasing power parity, gold always retains its value.
“ It is better to have gold stocks than dollar exchange reserves because the greenback has not been indexed to gold since 1971 and it can experience fluctuations which will reduce its value. Having stocks of gold is the guarantee of not losing your money and of having it available at any time,” an economist explains to TSA.
