Central Bank bought gold to be used as a cover for the process of deletion of zeros from currency
Central Bank bought gold to be used as a cover for the process of deletion of zeros from currency
02/17/2015
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BAGHDAD / JD / .. is heading the Iraqi Central Bank to invest cash reserves of hard currency through the purchase of gold, especially after the decline in gold prices in world markets over the past months, in a move it to diversify its reserves, the fact that gold is a store relatively safe for the value of the local currency, where the Council announced International gold buying CBI 48 tonnes of gold during 2014.
A number of experts and specialists in the financial and economic affairs central bank’s move to buy gold as positive the fact that gold is a safe cover for the local currency and maintains its value against foreign currencies especially at a time when the global economy is witnessing a decline in the growth of global markets, gold prices declined.
He says the parliamentary finance committee member Tariq Rashid, that the use of the Iraqi Central Bank to buy large quantities of gold probably will be used as a cover for the new currency, which purports Bank issued and is also used as a cover for the process of deletion of zeros from the Iraqi currency.
He Rashid told / BD /: that the process of buying these large quantities of gold is “a good gesture to the diversification of currencies and not limited balances at the central bank on the dollar only”, pointing out that gold is one of the balances guarantor of the Iraqi economy, which contribute to maintaining the value of the dinar Iraqi.
The President of the Economic Information Center Dergham Mohammed Ali said, that buying and selling gold operations by the Central Bank of Iraq is a cyclical process designed to optimize the investment of its reserves and diversify the assets of the guaranteed value.
He said Mohammed Ali told / BD /: that gold is a safe cover of the national currency and acquisitions during the low gold prices in world markets, as well as in the event of instability baskets currency values and the decline in global economies, is a positive step because gold is a store a relatively safe value.
The World Gold Council announced (WGC), said that “the Iraqi Central Bank had bought 48 tons of gold during 2014, bringing the country’s reserves of gold material by three times what it was during the year,” adding that “enrich and diversify their reserves away from the dollar The US continues to be the driving force behind this activity. ”
The Iraqi Central Bank announced, in 2013, on his quest to find a balanced ratio of gold with hard currency reserves, saying that whenever increases the size of the reserve ratio less than the contribution of the other ingredients.
It is noteworthy that the International Monetary Fund confirmed, in 2012, that Iraq had boosted its gold reserves to reach more than 31 tons, noting that Iraq bought 23.9 tons of gold in the month of August of the same year. / End / 8 /
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