10/19/2013 – 11:25
Central Bank of Iraq, on Saturday, on his quest to find a balanced ratio of gold with hard currency reserves, considering that whenever the reserve size increases less than the contribution of other components.
The governor of the central bank and agency Abdul Basit Abdul Samad said in an interview for “Alsumaria News”, “The Bank seeks to balanced ratio of gold compared to reserves of hard currency from the currency,” noting that “the high bank reserves of hard currency leads to low gold and we are working to increase procurement to maintain a balanced ratio of gold. “
He added that Abdul Samad that “the components of the reserve for Iraq consists of transactions exist in key markets which include the dollar, the euro and lb Englishman then special drawing rights of gold,” stressing that “whenever grows up, the proportion of the contribution of other components less therefore raise other ingredients to keep the ratio of 3 to 5%. ”
The International Monetary Fund (IMF) confirmed, in December 2012, that Iraq had boosted its gold reserves to reach more than 31 tons, noting that Iraq had bought 23.9 tons of gold in the month of August of the same year.
It is noteworthy that the Iraqi Central Bank was established as an independent bank under its law issued on the sixth of March of the year 2004, as an independent body, which is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies and being sessions daily for buying and selling currencies