Sudanese advisor reveals the flow of fifty tons of gold to Iraq annually
Sudanese advisor reveals the flow of fifty tons of gold to Iraq annually
2023-06-01
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Today, Thursday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, indicated that preliminary estimates indicate that there is an annual average flow of gold of up to 50 tons.
And Saleh said, in a statement to the official agency, followed by the insider, that: “Iraqi families lost their various assets and assets of occupied gold during the period of the economic blockade that struck the country throughout the ninetieth decade during the last century, and the subsequent few years, as gold was used at that time and intensively under the weight of hardships.” economic life, to exchange it for means of subsistence and to defend human existence.
He continued, “Most of the occupied gold leaked out of the country during the era of the former regime, as a monetary means to barter for basic and necessary needs, in addition to the loss of the country’s official reserves of monetary gold and foreign currencies due to the international blockade decisions at the time.”
And he pointed out that “the development of the positive economic conditions in the country after 2003, and the flow of oil revenues and other resources over the last twenty years, led to a change in the equations of gold wealth and the demand for it on a large scale again,” stressing that: “The monetary authority retains Today, with more than 132 tons of monetary gold.
And he explained, “Keeping monetary gold is an important possession that represents an aspect of monetary policy measures and its optimal management of the investment portfolio from the country’s foreign reserves.”
He added, “International guiding evidence and regulations, especially those approved by multilateral international financial institutions, indicate that monetary gold reserves are between 7-10 percent of total foreign reserves, and monetary gold is managed within the sovereign investment portfolio,” noting that “this percentage comes Because it is devoid of returns compared to foreign currencies and investment in international financial instruments.
Regarding the influx of gold and worked gold into the country, Saleh stated that “preliminary estimates indicate that there is an annual average flow of gold and worked gold into the country, especially of the desirable high karat, at least 50 tons per year.”
And he continued by saying: “What means the existence of a wealth of gold stored by families or the public with the accumulated historical gold that can be estimated between 1200-1500 tons of gold and perhaps more, which is equivalent to at least ten times the official monetary gold.”
He pointed out that “the market value of one ton of gold (of 24 karat) today in the global gold markets exceeds $6 million.”
almutalee.com
