Central Bank: we strive for a balanced ratio of gold with foreign exchange reserves

Posted in Business & money Saturday, 19 October 2013 14: 42

Future news Baghdad
the Iraqi Central Bank, announced Saturday, seeking to find a balanced ratio of gold with foreign exchange reserves, saying that as the size of the reserve is less than the contribution of other components.

He said the Central Bank Governor said Abdul Basit Abdul Samad "Bank seeks a balanced ratio of gold compared with the foreign exchange reserves of the currency," adding that "the high bank reserves of hard currency leads to low gold and to purchase up to maintain a balanced ratio of gold."

Samad said that the reserve components to Iraq consists of transactions in key markets including the dollar and Euro walbaon English and special drawing rights gold, more the size of the reserve, the proportion of the contribution of other components fall so hold other ingredients to maintain the ratio of 3 to 5 percent."

The IMF in December 2012, that Iraq has boosted its gold reserves to more than 31 tons, noting that Iraq bought 23.9 tons of gold in August of the same year.

The CBI was founded as an independent bank under its law of the 6th of March of 2004, as an independent body, is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies and procedures per day to buy and sell currency

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