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Bond Ladys Corner » NEWS FROM IRAQ » Iraq General News, Economy & Oil News » ( TY Dealerdean for this Article) Iraq forms joint panel to stabilise currency (Posted for oogie and bubbies)

( TY Dealerdean for this Article) Iraq forms joint panel to stabilise currency (Posted for oogie and bubbies)

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tlm724
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dealerdean


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Iraq forms joint panel to stabilise currency


2013-06-10
In a bid to prevent the fluctuation of the Iraqi dinar and adjust its value against world currencies, the Iraqi government on Monday (June 10th) announced that a joint committee comprised of members from the planning and finance ministries and the Iraqi Central Bank has been formed.


Iraqi government economic advisor Salam al-Quraishi said the committee will establish several controls that aim to stabilise the dinar rate of exchange level and prevent its value from dropping.

This will be done by supporting the value of the dinar with gold and preventing traders and banks from manipulating the dollar and euro rates of exchange,

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tlm724

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Gold backed dinar ! It's great to see the "New Plan' beginning, can't wait to see were we go from here.... *hallelujah* Cool


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tlm724

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Showing these past articles for reference:

Economist: strengthening gold reserves would avoid Iraq from the crisis that machete areas of the dollar and the euro
Date: 03/04/2013 08:16:13 Monday


Baghdad (news) .. Praised the economic expert on behalf of Jamil, measures the central bank to strengthen the reserves of gold in addition to the dollar and described positive step towards supporting the value of the national currency.
Jameel said (of the Agency news): There is a crisis of global economic hit areas dollar and the euro, what will affect the economies of Third World countries and including Iraq. explained: that most of the world started custody of the dollar as the currency key because its price wobbling a result of the crises of the global economic, Valtjot to store gold is considered a safe haven for national currencies to keep them from getting lost. added: that a central bank to strengthen its reserve of gold and to reduce reliance on the dollar is a positive step and will support the national economy and the Iraqi dinar. mentioned that reports issued by international organizations indicated that Iraq sought refuge about storing gold to enhance reserves of gold and reduce the monetary reserves of the dollar in order to maintain his money and the stability of the dinar.

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World Gold Council: Iraq bought 24.1 tons of gold over the past year

Baghdadiya News - 02/17/2013 - 12:01 pm


Translation / Baghdadiya News / .. Male corner site to the World Gold Council has revealed in its annual report that Iraq had bought 24.1 tonnes of gold during 2012 report pointed out that the world's central banks have increased their purchases of gold over the past year to the highest level 48 years ago.

The report went on to say that Iraq has benefited from high oil prices to buy this amount of gold reached global gold purchases to 236.5 billion dollars and amounted to 4405.5 tonnes. Analysts said that the main reason for the increase purchases due to the volatility of exchange rates amid fears of a currency war. Finished

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Last edited by tlm724 on Tue Jun 11, 2013 7:00 am; edited 1 time in total

tlm724

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Countries Buying the World’s Gold

Posted: April 16, 2013 at 6:41 am


Gold prices may have just plummeted by double-digits — the biggest percent sell-off in four decades — but some of the world’s central banks are still buying up large amounts of the precious metal. Specifically, the central banks of six countries are adding gold to their official foreign reserves, according to The World Gold Council’s most recent report on global central bank holdings. These six nations have purchased large amounts of gold so far in 2013 or throughout 2012. And if their buying continues, their gold demand could offset some of selling pressure (which has driven gold price to below $1,400) in the future. Some nations may indeed continue buying because of central bank or currency issues.

Of course, a major market concern is that Cyprus is now likely a gold reserve seller. The World Gold Council shows that Cyprus’s 2013 gold reserve is only 13.9 tonnes, which is 61.9% of the small nation’s total foreign reserves. Concerns about selling from Cyprus are compounded by worries that larger troubled nations, including Italy, Portugal and Spain, may start selling gold to either raise capital or because of the existing Central Bank Gold Agreement sale programs. However, it does not appear that there is panic selling among most of these nations, so that effect can be discounted for the time being.

The six nations that could offset or at least mitigate gold sales by other central banks, institutions and individuals are Russia, Turkey, South Korea, Brazil, Kazakhstan and Iraq. In its analysis, 24/7 Wall St. has avoided specific speculation on why these nations may be acquiring gold because the reasons may differ from country to country.

It is worth noting is that the World Gold Council report evaluates central bank holdings and does not include investor and industrial demand in any of the countries. As recently as February, the World Gold Council showed that global central banks had bought the most gold since 1964. But India and China were no longer the demand mechanisms they had been in the past.

Many of the official central banks’ gold holdings of large nations, based on gross domestic product (GDP), are nearly the same as they were in 24/7 Wall St.’s last report: The 13 Countries That Own the World’s Gold. But if that changes and some of the troubled nations actually sell gold as a source of funds, then it be beyond the scope of retail investors and speculators to help keep gold price at even the current depressed levels.

Here are nations with largest gold reserves as measured by tonnes. This list includes the International Monetary Fund and the European Central Bank.

•The United States (#1) was static at 8,133.5 tonnes
•Germany (#2) was down slightly at 3,391.3 tonnes (April 2013), versus 3,401.8 tonnes in late 2011
•The International Monetary Fund (#3) was static at 2,814 tonnes
•Italy (#4) was static at 2,451.8 tonnes
•France (#5) was static at 2,435.4 tonnes
•China (#6) was static at 1,054.1 tonnes
•Switzerland (#7) was static at 1,040.1 tonnes
•Russia (#Cool increased reserves from 851.5 tonnes in late 2011 to 976.9 tonnes (April
2013)
•Japan (#9) was static at 765.2 tonnes
•The Netherlands (#10) was static at 612.5 tonnes
•India (#11) was static at 557.7 tonnes
•The European Central Bank (#12) was static at 502.1 tonnes
•Taiwan (#13) was static at 423.6 tonnes
•Portugal (#14) was static at 382.5 tonnes

24/7 Wall St. has analyzed the World Gold Council data and added comments on how and why the central banks of Russia, Turkey, South Korea, Brazil, Kazakhstan and Iraq could act as the stabilizing mechanisms for gold if selling pressure continues. If history is a measure, it seems highly unlikely that retail buyers and speculators will start another wave of gold purchases. Central banks buy gold in support of their currencies, and the recent massive drop may give the central banks that can a chance to increase their gold holdings.

GDP and population estimates were both taken from the CIA World Factbook.


Iraq
> GDP: $155.4 billion
> Population: 31.8 million

Iraq is very unlikely to put in a floor under international gold selling, but the World Gold Council showed that the nation ranked as number 54, with 29.8 tonnes. This is only 2.4% of its total foreign reserves, but one fact stood out in 2012 — it added 23.9 tonnes in August. As Iraq continues to get on with its recovery, more hard assets like gold may need to be purchased by its central bank to show additional stability for the reemerging nation.

See the full World Gold Council country central bank ranking below:
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Shredd

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"This will be done by supporting the value of the dinar with gold and preventing traders and banks from manipulating the dollar and euro rates of exchange"

So these are the "measures" the CBI was referring to that will stabilize the pricing. Now we can exhale and watch to see the affect once the committee implements them.


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player46


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This team is incredible. Way to hussel miss timmy. Shredd love the input. I will be back with you all in a few. Thanks for the backup. I love you

gdoodle


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Apparantly, this committee was already formed and supposed to have submitted their findings the end of May.

*Finance Committee: Small committee formed to follow up the stability of the exchange rate of the dinar against the dollar
Posted: May 22, 2013 in Iraqi Dinar/Politics
Tags: al-Iraqiya, Central bank, Central Bank Iraq, exchange rate, Finance Committee, Iraq, iraqi, Iraqi dinar

05/21/2013 03:39

Finance Committee announced the formation of a small committee to monitor the exchange rate of the Iraqi dinar against the dollar, stressing that the practical measures undertaken by the central bank last week led to address the problem gradually.

A member of the mini-committee Abdul Hussein al-Yasiri Center Brief for the Iraqi Media Network that the mini-committee will present its final report end of the month to the Finance Committee on the main obstacles to the auction and the central bank measures to develop the capacity of the Iraqi dinar against the dollar.

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lightingcslt

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bump bump bump lol

gdoodle


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They also had said that the new steps were under strict confidentiality, they have been putting out news on the gold reserves openly, so we know the new steps are not them having built their reserves. The reserves have been built up to support to new steps.

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