Lower gold recovery locally with the Iraqi dinar exchange rate
Lower gold recovery locally with the Iraqi dinar exchange rate
Tuesday 04 August 2015 07:30
Announced the appearance of Mohammed Saleh, economic adviser to Iraqi Prime Minister, that Iraq imports annually about 70 tons of gold, pointing out that the decline in gold prices in the domestic market demonstrates the strength of the Iraqi dinar. Saleh said in a statement to «life» that «abundance gold with strength of the dinar led to lower prices in the local markets, as the price of gold on the world market fell so much ». He explained that «the reasons for the low price of gold rise linked to the dinar high dollar against other currencies». He said «central bank’s move to sell gold coins for investors and the rest of segments of Iraqi society, a good leader will control the gold market in accordance with the activation of the banks that handle gold and money proved as to help support the Iraqi economy. » He pointed out that «many banks accept mortgage went against the money borrow citizen». Saleh added that «increased the demand for buying gold in Iraq is a good indication of the recovery of the living situation of citizens who have begun Bedjarh for fear of possible aftershocks in the price of the dinar or dollar», explaining that «the central import of gold will enhance the confidence of the citizen which items imported metal being guaranteed and global origin and the best of traders who currently items imported.» He continued: «in 2003 before the state controls the gold trade through the adoption of strict instructions imposed on traders to get what they need through the purchase of the central bank, which was forced to practice trade do not fall within its competence». The traders in the gold market in Baghdad indicated in remarks that «imported quantities of gold over the past years are almost the largest in the history of Iraq», adding that «the Iraqi market not previously accommodate amounts more than 50 tons in one year». They added that «the central bank a clear imprint in the gold market, where walking inspection teams and surveillance patrol on all workshops and shops gold, but after 2003 variation appeared in the price and the type of pure gold imported and available in the market». Saleh pointed out that «the import rates now available in the market Iraqi gone up to about five tons per month », adding that« import sources vary according to the quantity and type that traders desire, some of them imported from the United Arab Emirates, Kuwait, India, Italy or Iran or Turkey ». The central decided to seek a variety of gold bullion to sell to dealers gold, investors and segments of Iraqi society, stressing that this procedure is one of the monetary policy of the Bank of tools. The report «World Gold Council» the demand for gold, which is the movement of buying and selling the yellow metal is made during the first quarter trends, showed stable demand rate. The total size global demand to 1079 tons, without any significant changes compared to the same period last year, what is a sign of the stability of the foundation factors in the market and consumer countries in the Middle and issued sales market with 54 percent for China and India. The report also pointed out that the global demand for gold jewelery is still the most prominent element in the total global demand by 601 tons during the period, down three percent compared to last year.
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