The stability of Iraq's reserves of gold

World Gold Council announced a rise in world reserves of gold a month in February, indicating that Iraq maintained a fifth of the Arab world's reserves rank.

The World Gold Council is an international organization headquartered in London, along with six branches in New York, Mumbai, Shanghai, Beijing, Tokyo and Singapore.

Council aims to develop the global gold industry market and works with global organizations to stimulate demand and the development of innovative uses of gold and take new products to market, and provides a comprehensive analysis of the Council to give decision-makers information about the gold demand factors.

The council said the statistics published on its website yesterday that "Iraq has maintained its 37th place globally out of 100 countries listed in the International Financial Statistics of global reserves of gold during the month of February of the year 2017," noting that "Iraq came fifth Arab rank after Saudi Arabia and Lebanon, Algeria and Libya. "

And that "Iraq's reserves of gold remained stable as recorded 89.8 tons, representing 7.0 of the rest of the other currencies," noting that "the last purchase of gold for Iraq was in the month of April 2014 where 15.16 tons bought."

According to the Council, that "the world's gold reserves rose for the month of February by 11 tons for the month of January for up to 33 thousand and 259 tons, while the United States ranked first globally in terms of these reserves, which amounted to 8.133.5, followed by Germany with 3.377 tons." .

The central bank decided in early 2014 coined a variety of alloys of pure gold ranging between weights (50 g and 1000 g) to sell to traders in gold, investors and segments of society wishing to do so in Iraqi dinars. And announced that, at the time, the direct contracting procedures for imported and then sold through the banking system, as this procedure is one of the monetary policy tools.

Considered economic researcher verse just that Iraq intended by the central bank to stabilize the currency market, including gold at the local level, adding in an interview, he said that the monetary policy pursued by the central strengthen the monetary reserves of gold action is in the final outcome for the benefit of the national economy.

She pointed out that the price of gold in Iraq is witnessing a kind of stability away from the rapid mutations or the sharp fall in prices, explaining that it comes because of the balance between supply and demand for the precious metal locally.

The central bank adopts a strategy in the management of its gold reserves to achieve racial safety and security through the use of monetary policy tools to stabilize the dinar exchange rate against foreign currencies.

The economic expert, Dr. appearance of Mohammed Saleh said earlier, that the citizen trust in absolute government transactions means he trusts the precious metal which items imported Central as a guaranteed standard specifications, as well as that of the global origins of what makes imported gold from the Central much better than that items imported gold dealers.

He pointed out that this measure will double the chances of increasing credit (loans granted by banks to the citizens) the adoption of the gold coins good as collateral for the loan repayment terms will be reflected positively on improving the reality of living and the national economy in general.

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