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The Sudanese advisor details the reasons for the fluctuation of gold prices in Iraq
Time: 09/02/2024 12:37:25 Read: 2,665 times
{Economic: Al-Furat News} The financial and economic advisor to the Prime Minister, Mazhar Saleh, said today, Monday, that the
reasons for the fluctuation of the price of gold in Iraq are not internal, but rather global, indicating that
the Iraqi government encourages the import of gold because it is a “safe haven” for wealth.
Saleh told {Al-Furat News} agency,
“At the state or individual level, gold is historically considered a safe haven for preserving the purchasing power of wealth, as
people keep gold for that purpose and the
cycle of gold assets between rise and fall is usually slow, and
if we take the cycle of assets we find almost gold, As an average, it has a fixed value among other wealth,” he explained, explaining that
“society has historically been accustomed to keeping gold as a tendency to preserve personal wealth.” He added,
"The state in the modern era reserves part of its external reserves that support the national currency in gold.
For example, Iraq reserves about 148 tons of gold, which constitutes 10% of its foreign currency reserves."
During last February, Iraq's gold reserves witnessed a noticeable increase, as International Monetary Fund data showed that Iraq had increased its possession of the precious metal by 3,079 tons, bringing the total to 145,661 tons. He continued,
"Reserves are a diversified investment portfolio in gold and currencies such as the dollar, euro, pound, yuan, yen, and others," describing
this diversity as "based on basic global evidence, and it is not arbitrary." He pointed out,
"This evidence was done in agreement with the International Monetary Fund, in terms of the monetary gold ratios that support and are considered a cover for the Iraqi dinar." He stressed that
the global standard for this is 10%, adding that gold “is not easy for quick payments and other transactions, and it is heavy, but
it is part of protecting reserves and confronting fluctuations in currency values.” He stated,
“The cycle of gold assets is slow, so keeping it protects reserves from currency fluctuations, and
Iraq is not a maker of the price of gold in global markets, but rather a recipient, because we are not a country that possesses golden wealth, but rather
we import gold, so the entry of gold into Iraq is good wealth.”
Better than introducing consumable goods that have no value and deplete resources.
Gold is a “precious wealth for the future,” noting that
“the gold discovered in the world is approximately 75%, and
it is limited and not widespread,
so central banks pay to keep a minimum amount of gold.” He stressed,
“The policy of encouraging the entry of gold into Iraq is to import wealth, and
as assets represent good stores of wealth, so the state encourages that and the customs taxes on it are moderate,” indicating that
“the gold markets in Iraq depend on two things:
its price in the world and the
extent to which the dollar rises or falls, and
we receive Foreign visas worth the value of gold and the dollar,” he said, adding that
encouraging the flow of gold to Iraq “is a good thing.
Recently, the price of gold has risen in Iraq, as the price of weights (5 grams) exceeded 500 thousand Iraqi dinars.”
https://alforatnews.iq/news/مستشار-السوداني-يفصل-اسباب-تقلب-اسعار-الذهب-في-العراق
Time: 09/02/2024 12:37:25 Read: 2,665 times
{Economic: Al-Furat News} The financial and economic advisor to the Prime Minister, Mazhar Saleh, said today, Monday, that the
reasons for the fluctuation of the price of gold in Iraq are not internal, but rather global, indicating that
the Iraqi government encourages the import of gold because it is a “safe haven” for wealth.
Saleh told {Al-Furat News} agency,
“At the state or individual level, gold is historically considered a safe haven for preserving the purchasing power of wealth, as
people keep gold for that purpose and the
cycle of gold assets between rise and fall is usually slow, and
if we take the cycle of assets we find almost gold, As an average, it has a fixed value among other wealth,” he explained, explaining that
“society has historically been accustomed to keeping gold as a tendency to preserve personal wealth.” He added,
"The state in the modern era reserves part of its external reserves that support the national currency in gold.
For example, Iraq reserves about 148 tons of gold, which constitutes 10% of its foreign currency reserves."
During last February, Iraq's gold reserves witnessed a noticeable increase, as International Monetary Fund data showed that Iraq had increased its possession of the precious metal by 3,079 tons, bringing the total to 145,661 tons. He continued,
"Reserves are a diversified investment portfolio in gold and currencies such as the dollar, euro, pound, yuan, yen, and others," describing
this diversity as "based on basic global evidence, and it is not arbitrary." He pointed out,
"This evidence was done in agreement with the International Monetary Fund, in terms of the monetary gold ratios that support and are considered a cover for the Iraqi dinar." He stressed that
the global standard for this is 10%, adding that gold “is not easy for quick payments and other transactions, and it is heavy, but
it is part of protecting reserves and confronting fluctuations in currency values.” He stated,
“The cycle of gold assets is slow, so keeping it protects reserves from currency fluctuations, and
Iraq is not a maker of the price of gold in global markets, but rather a recipient, because we are not a country that possesses golden wealth, but rather
we import gold, so the entry of gold into Iraq is good wealth.”
Better than introducing consumable goods that have no value and deplete resources.
Gold is a “precious wealth for the future,” noting that
“the gold discovered in the world is approximately 75%, and
it is limited and not widespread,
so central banks pay to keep a minimum amount of gold.” He stressed,
“The policy of encouraging the entry of gold into Iraq is to import wealth, and
as assets represent good stores of wealth, so the state encourages that and the customs taxes on it are moderate,” indicating that
“the gold markets in Iraq depend on two things:
its price in the world and the
extent to which the dollar rises or falls, and
we receive Foreign visas worth the value of gold and the dollar,” he said, adding that
encouraging the flow of gold to Iraq “is a good thing.
Recently, the price of gold has risen in Iraq, as the price of weights (5 grams) exceeded 500 thousand Iraqi dinars.”
https://alforatnews.iq/news/مستشار-السوداني-يفصل-اسباب-تقلب-اسعار-الذهب-في-العراق
