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An economic expert for / Nina /: The Central Bank’s neglect of part of the golden rule for Iraq is / is incorrect / and is of non-economic feasibility
Tuesday 24 May 2022 10:16 | economic
Number of readings: 309
Baghdad / NINA / - An expert in economic affairs, Raad Twij, confirmed that the Central Bank's neglect of part of the golden rule for Iraq is "incorrect" and of non-economic feasibility.
Twig said in a statement to the National Iraqi News Agency / NINA/ The monetary reserves policy is one of the main tasks of the monetary authority and that the
monetary basis for any reserve is foreign exchange and gold, and
gold is the main haven for any currency in the event of a decrease in purchasing power and resistance to inflationary factors, and
with the presence of financial abundance and the monetary reserve of the Iraqi currency reaching 70 billion dollars, the proportion of reserves Gold from the rest of the components of the monetary reserve of the Central Bank of Iraq is 9%, i.e. 96.4 tons of gold and is in sequence 37 globally and fifth in the Arab world.
Therefore, the Central Bank of Iraq to dispose of 1% of its gold is incorrect and of non-economic feasibility instead of increasing this reserve, which has been proven Its importance to the Russian Central Bank and the ruble currency with the Ukrainian crisis.”
The Central Bank revealed, last February, the increase in its reserves of gold and hard currency, while explaining its value.
Deputy Governor of the Central Bank, Ihsan Shamran Al-Yasiri, said,
"The central bank's reserves of hard currency witnessed a stable rise for more than a year, affected by the balanced measures of monetary policy, with which they exceeded the $64 billion barrier at the beginning of February 2022, and the gold assets in the possession of the Central Bank exceeded 96 tons. Within the reserves.” / End 8
An economic expert for / Nina /: The Central Bank’s neglect of part of the golden rule for Iraq is / is incorrect / and is of non-economic feasibility
Tuesday 24 May 2022 10:16 | economic
Number of readings: 309
Baghdad / NINA / - An expert in economic affairs, Raad Twij, confirmed that the Central Bank's neglect of part of the golden rule for Iraq is "incorrect" and of non-economic feasibility.
Twig said in a statement to the National Iraqi News Agency / NINA/ The monetary reserves policy is one of the main tasks of the monetary authority and that the
monetary basis for any reserve is foreign exchange and gold, and
gold is the main haven for any currency in the event of a decrease in purchasing power and resistance to inflationary factors, and
with the presence of financial abundance and the monetary reserve of the Iraqi currency reaching 70 billion dollars, the proportion of reserves Gold from the rest of the components of the monetary reserve of the Central Bank of Iraq is 9%, i.e. 96.4 tons of gold and is in sequence 37 globally and fifth in the Arab world.
Therefore, the Central Bank of Iraq to dispose of 1% of its gold is incorrect and of non-economic feasibility instead of increasing this reserve, which has been proven Its importance to the Russian Central Bank and the ruble currency with the Ukrainian crisis.”
The Central Bank revealed, last February, the increase in its reserves of gold and hard currency, while explaining its value.
Deputy Governor of the Central Bank, Ihsan Shamran Al-Yasiri, said,
"The central bank's reserves of hard currency witnessed a stable rise for more than a year, affected by the balanced measures of monetary policy, with which they exceeded the $64 billion barrier at the beginning of February 2022, and the gold assets in the possession of the Central Bank exceeded 96 tons. Within the reserves.” / End 8
