Parliamentary warns of economic impact of reducing Iraq to tally of gold on the national economy

Tuesday, January 29 2 / January 2013 17:28



[Baghdad - where]

The parliamentary economic committee warned of the impact of the Iraq reduced tally of gold on the national economy.

He said the Commission's decision Mahma Khalil told all of Iraq [where] that "reducing Iraq to tally of gold means having inflation, and political improper in the Iraqi economy, and therefore we say that the reduction gives clear signals that the Iraq policy of economic is not in the right direction at this stage."

"We hope that there is no effect on the Iraqi economy," noting that "the reserves of Iraq in the past year did not exceed four Ookhmsh tonnes of gold, and today is 32 tonnes of gold, and in the distant future will have an impact, because the gold balance sovereign currency Iraqi, and works to preserve the value of the Iraqi dinar, and this is the responsibility of the central bank. "

Data from the International Monetary Fund (IMF) last Friday, that Iraq reduce its holdings of gold by a quarter to 29.9 tons in last November 2012, after efforts to strengthen reserves in recent times.

According to the monthly statistical report issued by the Fund, increased holdings 9.6 tons in the months of September and October the last two to total up to 39.4 tonnes before falling back in November, data were available in December for Iraq. "

The decline came only months after a significant increase in the holdings of Iraq is the first in years.

And reserves Baghdad slim compared with the United States of America, which owns holdings are the largest ever and size of 8133 tons, but Iraq remains in fourth place and forty, among more than 115 countries, a list of gold holdings to the International Monetary Fund. Ended.

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