Concerned with the financial affairs: keep the central bank gold to raise the value of the Iraqi dinar
Posted on Monday, July 15 / July 2013 00:46

Citizen - Ahmed Kadhim
Economists guessed the importance of retaining the central bank Bmkiat big gold for moral support to the value of the Iraqi dinar and considered it a positive factor contributing to raise the value of the Iraqi dinar traded in global markets and stock exchanges. A member of the parliamentary Finance Committee Abdul Hussein al-Yasiri (citizen) yesterday «The old law of the Central Bank No. 64 for the year 1976 indicates that the bank retained 70% of the gold and foreign currencies to raise the balance of the Iraqi dinar and strengthen the economy.

The «the former regime sold the currency and sold gold and became a zero balance, The «The Bank retention and heading towards metals, including gold, would contribute in raising the value of the Iraqi dinar, which currently depends on the auction, adding« that Iraq would emerge from Chapter VII Yun Iraqi economy makes it a free economy. He stressed the importance that the bank allocates the amount of 10% for investment projects and activating investment by Act 28 of the Banking Act for the purpose of investment. The economic expert said Dr. peace Sumaisem's (citizen) yesterday «The issue of the amount of gold in the central bank not to respond to crises, but to raise the balance of the Iraqi currency and the economy.

The «Iraq when issued currency him that feels the International Monetary Fund (IMF) the amount of inventories that it has. She «The Directorate of private investments in the bank contribute to the investment process through a liquid cash. Confirmed «that Iraq possessed of cash and there are Treasury bonds that offered by the bank involved in the field of trading the speculative come بمردود the door Mali, gold still retains as a legal and moral support to raise the value of the Iraqi dinar. For his part, sees Hazim al-Nuaimi reasons for retaining the Central Bank of large quantities of gold to avoid the Iraqi economy from the seriousness of the economic crisis that hit some countries in the world. Al-Naimi said in a statement quoted by the agency news «that Iraq depends mainly on oil and gas in the economy and the cover is important for currency, due to suspension of wheel production in it, and thus the central bank to keep the largest amount of gold and other foreign currencies to ensure the economy.

Said: that the economic situation in the country through the theory of supply and demand for goods is limited by the level of the economy in the global market. It is noteworthy that Iraq has taken a big step to strengthen its gold reserves to join the other central banks of emerging market economies such as Brazil and Russia to diversify its foreign reserves.