Parliamentary Economic committee warns of reducing Iraqi balance of gold

Baghdad (AIN) –The Parliamentary Economic Committee warned from the impact of reducing the Iraqi balance of gold on the national economy.

The Secretary of the Committee, Mahama Khalil, reported to AIN that ”Reducing the Iraq balance of gold means increasing inflation and creating incorrect economic policy thus we say that the reduction of Iraqi balance of gold gives clear signs that the Iraqi economic policy is not in the right direction at this stage.”

”The reserve of Iraq did not exceed four or five tons of gold during 2012 while in the present time it reaches 32 tons of gold,” noting that “The Iraqi balance of gold has great influence on preserving the value of Iraqi dinar and this responsibility lies on the Central Bank of Iraq,” the statement added.

Recently, the reserves of the Iraqi balance of gold has reduced from 39,4 into 29,9 tons of gold according to statistics of the International Monetary Fund.