***** Specialists: the central bank will control the gold market, Iraq imported 5 tons per month

February 1, 2014


Counting economists and specialists, on Friday, said the central bank's move to sell gold coins to investors and segments of society is the step "a good leader", stressing that it would work to control the gold market and help support the Iraqi economy, and as pointed out that the increase in demand for buying gold, "indicating a recovery the living conditions of the citizens ", they stressed that the Iraqi market imports about" 5 tons of gold per month which is the largest amount in the history of Iraq. "

The deputy governor of the Central Bank of the previous appearance of Mohammed Saleh in an interview (to the extent Press), "The central bank's move to sell gold coins to investors and the rest of the segments of Iraqi society, good leader," explaining that "would move to work on the control of the gold market in accordance with the activation of banks Mortgages for gold and money as to help support various sectors of the Iraqi economy, "he said, adding that" banks, mortgage foreclosures Almkhclat accept gold for the money you borrow citizen to walk affairs of buying houses or cars or other. "

Saleh added that "the increase in demand for buying gold in Iraq is a good indicator on the recovery of the living situation of people who started with savings for fear of aftershocks possible in the price of the Iraqi dinar, or the U.S. dollar," noting that "the import of central bank gold will enhance the confidence of citizens in gold imported by being guaranteed and the origins of the world and the best that items imported traders at the moment and therefore this measure will enhance the chances of including increased credit will reflect positively on improving the situation of citizens living and the national economy in general. "

He pointed out that the benefit "of the former regime was in control of the gold trade in Iraq passed through strict instructions imposed on traders to get what they need through the purchase of the Iraqi Central Bank, who was forced to practice trade does not fall within its competence."

On his part, said Mohammed al-Waeli remnants, one gold traders in the market for a river in central Baghdad, in an interview with the (long-Presse), "The imported quantities of gold over the past years is almost the largest in the history of Iraq," explaining that he "has never been absorbed markets Baghdad and the provinces amounts exceed 50 tons per year. "

He Wa'ili that "the central bank a clear imprint on the gold market, where he had previously inspection teams and control periodically on all workshops and stores of gold scattered across the country," adding, "but after 2003 there was a discrepancy in the price and quality of the gold pure importer and available in the market." .

He Wa'ili that "the rates of import is now available in the Iraqi market for gold up to about 5 tons a month," noting that "import sources vary according to the quantity and quality desired by merchants Some of them imported from the United Arab Emirates, Kuwait, India, Italy, Iran or Turkey."

The Iraqi Central Bank has decided, in (January 23, 2014), "SEC assortment of gold bullion" to sell gold to dealers, investors and segments of Iraqi society, as he emphasized that "this action represents one of the tools of monetary policy to the Bank."

In the view of economists that the entry to the World Gold Iraq is a positive case for the revitalization of the gold market deal in Iraq, especially as the gold market was not affected by the Iraqi gold to enter the United Arab Emirates and Turkey.

The Iraqi Central Bank revealed, in (September 22, 2013), the arrival of the reserves of foreign currency and gold to about 80 billion dollars, while attributed to an increase in global oil prices, is expected to increase the reserve in the coming months.

The International Monetary Fund, it was announced, in (the 23 of March 2013), the financial assets preventive in the Development Fund for Iraq rose in 2012 to 18 billion dollars, and cash reserves of the central bank's hard currency to $ 70 billion, attributing the increase to the "revenue oil unexpected. "

Financial experts confirmed that Iraq's stockpiles of reserve funds have covered liquidity over the past years, calling for the government to adopt alternative ways to cover the deficit, including recourse to the application of the secondary market policies that have been agreed with the government.


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[ltr]35 trillion dinars, the volume of cash in circulation [/ltr]
February 2, 2014

[ltr]Selling gold to the citizens aims to be towed

The sale of gold bullion to the public of important issues in maintaining the stability of prices and the withdrawal of liquidity from foreign currency amounting to - according to an official - 35 trillion dinars and converted into the origins of the precious metal as a measure to curb inflation in Iraq.

The central bank has decided recently coined a variety of alloys pure gold weights ranging between (5 g and 1 kg)., Declaring direct actions contracted to import them and then sell them through the banking system.

 Sees director of banks in the Ministry of Finance, Dr. Hilal Taan that do Central Bank this measure comes to control the levels of inflation and the reduction of high prices.

He added in a statement Taan (morning) that the sale of gold from the central bank to citizens is a process to withdraw liquidity from trading where the liquidity in the market about 35 trillion dinars, and this number is seeking a large central bank to downgrade following the procedures of monetary policy.

For its part, the researcher confirmed the economic Suhad Athari, said the central bank announced the sale of gold to the citizens as well as Treasury Notes and the dollar would ease the liquidity as well as he promotes price stability.

 She told the (morning) that this measure would diversify the means savings for citizens and raise the purchasing power of the currency is likely to witness a remarkable decline in the price of gold on the application in the market.

She drew virgins that this would also reduce the rate of inflation of the currency where it can be reduced by absorbing liquidity from the dollar in both the banks and the citizen, and turn it into a precious metal, because it is more stable in the prices of the dollar, which is subject to the repercussions of the economic situation between the United States China and other countries, as well as the difficulty of transporting gold and turn it into a country outside Mijolh keeps the prices of safe rates.

She concluded her speech by saying that virgins Central Bank through its monetary policy aims to achieve high growth rates and a stable exchange rate and move the process through the distribution of credit loans to the most vital sectors thus leading to economic development.

[/ltr]
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Experts: Iraqi Central Bank controls the gold market




03/02/2014
Economists forecast that the central bank controls the Iraqi on the gold market in the country, after he sold gold coins for investors and citizens, with weights ranging between (5-1000) g, as well as possession of more than 30 tons of gold as a reserve currency.

The director of government banks in the Ministry of Finance Hilal Taan that "the right of the bank to exercise Adaute in the management of monetary policy, especially after the success in controlling inflation in the currency," expected to "be a great cooperation between the central bank, and the drafters of gold in Iraq, through The Central Bank Piea gold at competitive prices, to reduce imported from abroad, especially the Gulf states. "

According to observers, Iraq is one of the leading markets in the gold trade, as it imports nearly 50 tons per year, but that gold has recently suffered from the global decline in prices, with an average price of Almthagal caliber 21 220 thousand dinars.

According to Executive Director of the Association of private banks Abdul Aziz Hassoun that "cooperation could arise between the central bank and private banks, which will work on the sale and distribution of gold to the citizen."

On the other hand emphasizes the economic expert on behalf of Jamil Anton "the need to maintain the circulation of gold locally, and not being exported out of Iraq, in order to save the price of the Iraqi currency, and reduce dependence on the total trading in U.S. dollars."

And moving Iraq policy to reduce the circulation of cash in foreign currency, and is considered a bill to remove the zeros from the Iraqi currency, one of the elements of that policy.


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