MP Mura’bi: The central bank to keep gold is useless and possibly hurt the national currency
MP Mura’bi: directed the central bank to keep gold is useless and possibly hurt the national currency
Date: 05/02/2013 12:07:38 Tuesday
Baghdad (news) .. member of the Committee warned the economy and investment MP / National Alliance / Hussein Mura’bi, reliance on monetary gold in reserve instead of the dollar by the central bank because it would hurt the national economy and the Iraqi dinar.
Said Mura’bi (Agency news): The way to keep large quantities of gold is a double-edged sword sometimes it keeps the bank balance but at the same time will reduce pumping dollars into the local market and therefore will affect the exchange rate of the dinar against the dollar.
He added: that Iraq had large cash reserves of hard currency up to more than (68) billion dollars, making the national economy in the isolated far from the global economic crisis, so you do not have to move toward holding gold in reserve with the central bank.
He stressed: the importance of staying on balance policy to sell hard currency to maintain the stability of the exchange rate of the Iraqi dinar against international currencies, any pumping dollars according to market need him.
The central bank has announced his possession (30) tonnes of gold, to keep, to avoid affected the national economy of the seriousness of the global economic crisis is likely occurrence. / End / 8. N. P /