Economist: central bank issued gold bullion to withdraw cash liquidity from the market

10.14.2015 at 09:35 (GMT Baghdad)

Special - scales News
Stressed the economic expert on behalf of Jamil Antoine, Wednesday, the Central Bank of Iraq issued an alloy of gold for sale, to withdraw cash liquidity from the domestic market.

He said Antoine L / scales News /, "The central bank issued alloy of gold weighing grams and five grams to withdraw cash liquidity of the domestic market and one of these methods to withdraw liquidity from the market."

He added that "the central bank has gone is contracting with international companies to equip these gold bullion even sell it to the citizen in gold auction and also alleviate the burden of cash from the citizen, it does drag to reduce inflation winning in the market, and also enhances the tally of the Iraqi dinar."

He pointed out that "the process of buying gold a good gesture to diversify currencies and balances at the central bank are not limited to just the dollar, because gold is the guarantor of the balances of the Iraqi economy, which contribute to maintaining the value of the Iraqi dinar."

The CBI had announced in 2013, on his quest to find a balanced ratio of gold with hard currency reserves, considering that the greater size of the reserve increases less than the proportion of the contribution of the other components.

The International Monetary Fund said in 2012 that Iraq had boosted its gold reserves to reach more than 31 tons, explaining that Iraq bought 23.9 tons of gold in the month of August of the same year.

Iraq suffers from a budget deficit estimated at $ 21 billion because of lower oil prices and Trauhaa up to $ 45 per barrel. / Ended 29 n / 10