Gold enhances the economic status of the country

9/19/2016 0:00

BAGHDAD / Hussein al-Tamimi
As Iraq was ranked 37 on the world's gold reserves according to the order of the World Gold Council, an economist said that this category is positive and reflects the good image of the global financial and monetary agencies.

Economic consultant Baghdad forum Samir Nasiri said in an interview for the "morning": that the proportion of gold to $ 50 billion dinars is a good reserve a rise whenever cash reserves dropped either outcome, where he arrived analysis are that Iraq's reserves of foreign exchange and gold is good to cover the local currency.

Credit rating

He added that the situation in Iraq at this location enhances his credit rating which will make the International Monetary Fund take that positive outlook to deal with Iraq economically and I expect that cash reserves would rise in light of expectations of rising prices for the three months ahead and that the reserves enough to cover imports up to 6 months.

Turn competent in economic affairs Ahmed al-Sumaidaie: said Iraq is a rich country and is able to overcome all the economic challenges, and gold reserves, but part of the sources of economic power held by Iraq.

He pointed out that the reform of production and service sectors in Iraq and capital preservation cycle locally will boost gold reserves, which is a source of strength for Iraq's relationship with the international financial institutions.

Iraq and was ranked among the 37 countries of the acquiree went steady reserve in accordance with the assurances of the World Council Of gold, and that Iraq's reserves of gold and fixed represents 7.1 percent of its reserves of foreign currency, noting that Iraq is still ranked among the 37 countries that have reserves Go.

Fixed reserves

The Board reported in its website official statistics showed that "Iraq's reserves of gold remained stable and did not change, reaching 89.9 tons," pointing out that "this amount represents 7.1 percent of its reserves of foreign currency, after it had been representing 4.6 percent during the month of January." .

The council said that "Iraq did not buy gold since last buy him in April 2014 in which 15.16 tonnes bought," noting that "Iraq was ranked 37 out of 100 countries possess reserves of gold have been included within the global central bank reserve report."

It means the World Gold Council: Organization for the development of the market for the manufacture of gold and work within the investment, jewelery and technology sectors, as well as engaging in government affairs, aimed at providing leadership in the industry and stimulate and support the demand for gold, based Kingdom United.