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Thread: Central Bank bought 20 tons of high-purity gold to support dinar stability

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    Central Bank bought 20 tons of high-purity gold to support dinar stability

    The Central Bank bought 20 tons of high-purity gold to support the stability of the dinar


    The Central Bank bought 20 tons of high-purity gold to support the stability of the dinar

    News source: Ali Salman
    March 24, 2014 10: 00 pm
    Number of readers: 0

    The Iraqi Central Bank, said Monday it bought 36 tonnes of high-purity gold to achieve safety and support the stability of the dinar against foreign currencies.

    Director General of the Department at the Central Bank for Mahood "Central Bank recently bought 36 tonnes of high-purity gold during the month of March.

    He added that "the purity of the gold supplier for the Central Bank in line with international standards


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    36 tons of gold bullion to stabilize the dinar exchange rate

    36 tons of gold bullion to stabilize the dinar exchange rate

    Posted in Business & money Monday, 24 March 2014 14: 34
    Iraq/the future

    The Central Bank said, buying large amounts of gold bullion to stabilize the Iraqi dinar exchange rate against foreign currencies.

    According to a statement by the Central Bank, "the Bank's strategic plan in the management of the foreign reserves to achieve safety and security element required to purchase gold bullion to stabilize the Iraqi dinar exchange rate against foreign currencies.

    He added that "the Central Bank purchased quantities of gold alloy with very high purity in accordance with international standards, indicating that the quantity purchased from bullion reached 36 tonnes in March 2014 to stabilize the Iraqi dinar exchange rate against foreign currencies

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    Wow Hue Mi, Did you find this guy hiding under a rock. That gold was brought March 2012 and added to the CBI reserves in Aug 2012. They are not showing any added since that 29 tons was purchased. Guess he is just getting the news. If they have purchased any new gold it has not been added to the CBI balance sheet and would be a violation of the CBI and subject to IMF.
    Last edited by Screaming Eagle; 03-24-2014 at 09:55 PM.
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    Yeah - I posted after I saw a few other articles dated 3/24/2014 claiming the same and the numbers aren't quite what was posted much earlier.

    I recall there were articles that claimed 4 tons of gold had been sold and these 3/24 articles seem to agree with those articles, imho.

    I wonder what possible motivations lead to publishing such articles now.
    Possibly for any changes in IQD value after the upcoming elections?
    Last edited by Hue Mi; 03-24-2014 at 10:43 PM.


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    Quote Originally Posted by Hue Mi View Post
    Yeah - I posted after I saw a few other articles dated 3/24/2014 claiming the same and the numbers aren't quite what was posted much earlier.

    I recall there were articles that claimed 4 tons of gold had been sold and these 3/24 articles seem to agree with those articles, imho.

    I wonder what possible motivations lead to publishing such articles now.
    Possibly for any changes in IQD value after the upcoming elections?
    I doubt it but that's just me!!
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    http://www.zerohedge.com/news/2014-0...nes-gold-march

    Iraq Buys Massive 36 Tonnes Of Gold In March


    The new articles seem to be referring to this year.


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    Maybe they did and it just hasn't been entered on the CBI's balance sheet yet. We will have to wait as the balance sheet is only current thru Feb. 6, 2014. Didn't notice that before.
    Last edited by Screaming Eagle; 03-26-2014 at 12:15 AM.
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    Iraq Buys $1.56 Bln of Gold, Biggest Purchase in 3 Years

    Iraq Buys $1.56 Bln of Gold, Biggest Purchase in 3 Years

    http://www.bloomberg.com/news/2014-03-25/iraq-buys-1-56-bln-of-gold-biggest-purchase-in-3-years.html

    By Khalid Al-Ansary and Nicholas Larkin 2014-03-25T15:14:46Z


    Photographer: Alessia Pierdomenico/Bloomberg

    Iraq bought 36 metric tons of gold this month valued at about $1.56 billion in the largest purchase by a nation in three years.

    The Central Bank of Iraq acquired the metal to help stabilize the Iraqi dinar against foreign currencies, it said in an e-mailed statement.

    The country held about 29.8 tons of bullion as of August, according to data on the International Monetary Fund’s website.

    The latest addition was the biggest since Mexico bought 78.5 tons in March 2011.

    ...

    Iraq’s Reserves

    Adding the amount Iraq said it bought in March to its reported holding in August would make it the 40th-largest holder by country, according to the WGC. The nation has no plans to sell metal from its reserves, Muneer Omran, director general of investments at the central bank, said in an interview in Dubai in January.

    Bullion had accounted for less than 2 percent of the nation’s total reserves, compared with about 70 percent for the U.S. and Germany, the biggest holders.

    “Demand from the likes of Iraq is important,” GoldCore’s O’Byrne said. “It doesn’t necessarily mean it will lead to higher gold prices per se, but it definitely means that there’s an ongoing demand from central banks that is likely to continue” and should support prices, he said.

    Mexico owns about 123 tons of the metal, according to the WGC. Turkey’s reserves, at about 488.6 tons now, expanded as much as 44.7 tons in July 2012. Bullion has been added to its balance sheet as a result of accepting gold in its reserve requirements from commercial banks.

    ...

    article continues


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