Economic center: high gold prices pushed the central bank to hold the largest gold reserves

Published in: 3:48 pm, February 4, 2013

BAGHDAD (Iba) .. Refer Director of Economic Media Center Dergham Mohammed Ali, an asylum Central Bank to buy large reserves of gold to rise over the past two years and to keep the prices as global investment security.

Ali told the independent press (Iba) .. "The asylum Iraq to strengthen reserves of gold can control the economy that currency volatility continues, prompting the central bank strengthening largest reserves of gold for the first time in Iraq, noting: that all reserves countries the world's major measured in gold as a safe currency fluctuations. "

He pointed out: that some countries preferred to return to the adoption of gold as a strategic reserve and investment security by replacing all or part of its reserves foreign exchange gold but fluctuating gold prices during the second half of last year to make reliable conservatively which the Central Bank through the development of reserves of gold and keep it at current levels or replaced in foreign currency and invested in guaranteed investment portfolios in European central banks sober. "

He continued, "The countries' reserves are measured in gold until 1973 when demanded France from the United States swap Ahtaatiaha of the dollar in gold and the inability of the United States to cover demand French were floating dollar gold as gold as a reserve mainly for the currency until the economic crisis that hit the world."

He said that "the best step carried out by the central bank to control the backup is to promote a backup of gold to large amounts rather than currency fluctuating, stressing: that the forces of any country's economy lies strongly currency and backup Golden cash and any shake in the value of the currency leads to shake States economy. "(end)


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