Economist: The Central Bank increased purchase quantities of gold aims to enhance the cover of the local currency

BAGHDAD / Nina / attributed the economic expert in the Ministry of Finance Hilal Taan reasons the Central Bank of Iraq to redouble buy gold to enhance the cover of the local currency.

He said in a statement to the National Iraqi News / Nina / Today “It is necessary that the bank buys large quantities of gold to support the balance of the Iraqi currency, which consists of gold bullion and major foreign currencies كالدولار and the euro and the pound sterling.”

“The central bank could sell a section of gold coins to the public as selling dollars at an auction on,” pointing out that “bank purchases of gold are, in most cases, to promote and strengthen the cover of the Iraqi dinar in foreign currency.”

The monthly report of the International Monetary Fund statistics Ozarmajara that during the three months between August and October this year doubled Iraq balances of gold to four-fold to $ 31.07 tonnes, according to the Reuters news agency.

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

The Central Bank of Iraq announced the fifteenth of the month last August his intention to sell gold coins and valuable things soon to the public, in addition to selling the dollar at auction.

The move was previously in force in the eighties of the last century, but the circumstances of the siege in the nineties made citizens are focused on buying the dollar to ease discharged in markets.