Government advisor stresses importance of gold trade governance to support current account of balance of payments
Government advisor stresses importance of gold trade governance to support current account of balance of payments
2025/02/18
A government advisor stressed the importance of governing the gold trade to support the current account of the balance of payments.
The financial and economic advisor to the Prime Minister, Mazhar Muhammad Salih, told Al Furat News Agency that “adopting advanced industrial protection policies will have a positive impact on the quality of the national gold product and the stability of its prices.”
He pointed out that “this step will enhance the protection of one of the most important pillars of the national and household economy, with a direct and positive impact on the current account of the balance of payments.”
Saleh explained that “regulating the import and re-export of unprocessed gold will contribute to achieving added value for the national economy,” stressing “the importance of close supervision by the competent authorities to ensure that the movement of gold is limited within the framework of an economically organized trade with high returns and sound governance.”
The Industrial Coordination Council had approved in its meeting the day before yesterday, Sunday, the localization of the precious metals industry, including gold and jewelry, in addition to cosmetic products, with instructions to provide all necessary facilities for those wishing to establish their own factories. It was decided to monitor the quantities of gold exported abroad, through controls that determine the quantities remanufactured, and to submit documents to the Central Bank that secure the value of the exported quantity, and to return the quantity after completing its manufacture to the country, under the supervision of the Central Bank.
alforatnews.iq
