Central Bank: confirms Iraq’s possession of the fifth gold reserves in the world o Baghdad / Zahraa al-Jassim Economist Ahmed Barihi considered Iraq’s possession of the world’s fifth gold reserves as good and useful. He pointed out that while gold is one of the main reserves of the international center, which is topped by hard currency, the Iraqi Central Bank can at any moment convert gold into foreign currency and use it in international transactions. Reinvest them in the international market or also use them to repay debts. The Central Bank of Iraq announced on 16-7-2017 that the bank’s gold reserves are 90 tons and it occupies a high international ranking. The total gold reserves in the bank is 90 tons, thus it occupies the 37th position globally and the seventh in the Arab world. The Central Bank of Iraq gold in 2012 was only 30 tons, but it has reached three times now, at a time when the World Gold Council announced the rise of the world’s reserves of gold in the month of February, noting that Iraq has maintained the fifth rank of Arab reserves. According to economic expert Ahmed Breihi in an interview with (the extent), the Central Bank intended this statement that the reserves owned by him enough, but: On the other hand, the reserve, which is said when the talk of the Central Bank called international reserves, and the use of the term cash reserves expression The reserves are composed of two paragraphs: the first is the reserves of foreign currency, and the second is other reserves, including gold. When foreign currency reserves are added with gold, they are called international reserves. Therefore, these reserves are now sufficient for the Central Bank of Iraq Compared to other countries and central banks, and this is what the Central Bank of Iraq said in his statement on the possession of Iraq ranked fifth of the Arab world reserves. The governor of the Central Bank Ali Alalak, announced on 11/5-2017, the increase in foreign exchange reserves than in 2016, confirming the rise to 49 billion dollars. “When the central bank says that gold reserves are now 90 tonnes, that means a small portion of the reserves is good, because gold is usually a central part of the reserves,” he said. “However, we are ranked fifth in the global gold reserves , Which is useful, especially as gold reserves can be converted to anything else, and can be the central bank at any moment to convert them into foreign currency and used in international transactions or re-investment in the international market, which is certainly a good store because gold is a means of saving value and central A can This gold is converted into a foreign currency and is used for the purposes that it wants, whether to finance foreign trade or to employ the amount in the international financial market or to repay debts. He adds that the reserve of gold is certainly a good stock in the central bank, and we can also benefit greatly from the confidence of the world in gold, but the reserves of central banks remain primarily foreign currency, adding: On the other hand, the reserve of the Central Bank of foreign currency is not A little, especially since the central recently stated that the reserves of foreign currency is sufficient, therefore, according to the concerns of the Central, the international reserves of gold and foreign currency are sufficient and good, making Iraq’s position to international financial organizations good and reassuring at the same time. The World Gold Council in its statistics published on its website last Saturday, that Iraq has maintained 37th place in the world out of 100 countries listed in international financial statistics of the global reserves of gold during the month of February of 2017, pointing out that Iraq ranked fifth in the Arab after each From Iraq, Saudi Arabia, Lebanon, Algeria and Libya, and that Iraq’s gold reserves remained constant, recording 89.8 tons, representing 7.0 of the rest of the other currencies, indicating that the last purchase of Iraq from gold was in April 2014, where he bought 15.16 tons. The world’s reserves of gold rose for the month of February by 11 tons from January to 33 thousand and 259 tons, while the United States ranked first in the world in terms of reserves, which amounted to 8.133.5, followed by Germany with 3.377 tons, The Central Bank decided in early 2014 to form a series of pure gold bullion weighing between 50 g and 1000 g for sale to gold traders, investors and segments of society wishing to do so in Iraqi dinar. The World Gold Council is an international organization based in London, Both New York and Momb J, Shanghai, Beijing, Tokyo and Singapore, the Council aims to develop the global gold industry market and works with international organizations to stimulate demand and develop innovative uses of gold and take new products to the market, as the Council provides a comprehensive analysis to give decision-makers information on the demand for gold factors.