Member of the Economic Committee: Gold prices declined an opportunity to increase its Central Bank reserves

Posted: July 20, 2013 in Iraqi Dinar/Politics
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20-07-2013 10:31 AM

Baghdad (newsletter). Member of the Economic Committee confirmed the MP from iraqiya noura Salem albegari, low gold on the world market doesn’t affect on the reserve at the Central Bank.

She said albegari (News Agency): the Central Bank has $ 76 billion of oil reserves and 7 billion dollars in gold reserves, distributed in the Bank for international settlements as a cover for the Iraqi currency.

She added that the Central Bank do with gold but there are specific banks didn’t work with the currency but, noting that the decline is a good opportunity for the Central Bank to increase the reserves because of low prices, in addition to the amounts considered to cover for the Iraqi currency.

Explained: the economic crisis in the United States led to the decline of gold significantly recently and put in large quantities in world markets.

It is noted that Iraq has taken a major step to strengthen its reserves of gold to join other central banks from emerging market economies such as Brazil and Russia to diversify foreign reserves.

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