Gold reserves are boosted up by CBI for supporting Iraqi currency

Iraq, December 27, 2012

An economist specialist attributed in the Ministry of Finance, Hilal Taan reasons Iraq’s Central Bank for intensifying to buy gold in order to enhance the local currency’s cover.

He expressed in a statement to the Iraqi media that purchasing a good quantity of gold by the bank, is essential, for supporting the balance of the currency of Iraq, which consists of gold bullion and main foreign currencies and also the euro and the pound.

The central bank of Iraq could put up for sale, a portion of gold coins to the common people as selling dollars at an auction on, pointing out at the fact, that bank buys gold are, mostly to promote and to make stronger the cover of Iraqi dinar in foreign currency.

In the monthly report of International Monetary Fund data Ozarmajara that throughout the three months between August to October, this year doubled the balance of gold of Iraq to four-fold to $31.07 tonnes, according to a leading news agency.

In the first change in the reserves for years Iraq has bought about 23.9 tons in the month August, bringing the sum to 29.7 tons and the making sure of the increase of 2.3 tons in September, bringing the sum to 32.09 tons and stocks fell 1.02 tonnes in October to 31.07 tons. No other information was accessible for the month of November.

The Iraqi Central Bank declared the fifteenth of the month last august his purpose to sell the gold coins and precious things soon to the public, additionally to selling the dollar at public sale.
The move was earlier in force in the eighties of the last century, but the conditions of the siege in the nineties made the citizens focused on purchasing the dollar for easing discharged in markets.


http://www.iraqdailyjournal.com/story-z6895098