New Gold Reserves Expected to Cast a Good Impact on Iraq’s Currency

Iraqi Dinar 123 News:– Muhammad Saleh, the economic adviser to the Prime Minister said that the central bank of Iraq bought 36 tons of pure gold recently. He also added that this is a handsome strength of the gold reserves for Iraq and it would be a much better sign in the way of strengthen the Iraqi dinar currency, it will also control the risk ratio in the Iraqi economy.

Iraqi gold reserves will provide much better confidence in improving the Iraqi economy. It would also provide confidence for the foreign investors to invest in the Iraqi currency. Although, the chances are low to increase Iraqi gold reserves due to the decline in the oil prices all around the world.

Muhammad Saleh said that the Iraqi economy is still under pressure and unstable despite the large amount of gold reserves. Due to poor financial policies of the government caused the big gap with the CBI’s monetary policy.

On the other side, Kurdistan regional government also bought 77 tons of gold. The director of quality control of the gold, Bakar Aziz said that this gold amount have brought from different regions such as 31 tons and 760 Kg from Erbil Airport and 44 tons and 630 Kg from Sulemaniyah Airport.

He also said that there is a downfall in the quantity of gold imports due to financial crisis and security condition, as compared with 2013 in which we imported 116 tons gold.

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