On Monday, the Economic Adviser to the Iraqi Prime Minister Muhammad Saleh issued a stated in an interview that the Iraqi imports of gold products have been reached more than 70 tons. It is also added that a continuous downfall in the gold prices increasing the Iraqi dinar currency strength. Muhammad Saleh further added that Iraq is importing a large amount of gold per year and it is estimated between 60 to 70 tons. He further added that Iraqi dinar is thriving with the power of gold which caused a lower price in the Iraqi local markets.
Muhammad Saleh also said that the gold prices have declined significantly. This massive downfall in the gold prices brought the gold price at the level when it was recorded in 1978. But interesting thing is those purchasing powers have been increased among the citizens. The gold price is at its low level which is increasing the purchasing power. He also explained that stability in the Iraqi dinar exchange rate also caused low price of gold. The Iraqi dinar currency is improving in its value against most of the major foreign currencies. Now the gold price in the Iraqi markets have been dropped 200 thousand Iraqi dinars per weight. Before this downfall it was moving in between 250 to 300 thousand Iraqi dinars per weight.