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Baghdad News -
Iraq has maintained 37th place in the volume of gold reserves globally, despite the decline in the rate of imports per third during the current year, amid calls for the introduction of this metal in banking transactions and investment instead of remaining a fortified metal of the Iraqi citizen. The decline in the volume of gold in the Iraqi market since the outbreak of war on the organization of «Da'ash» terrorist, and the country was affected by the financial crisis caused by the decline in oil prices in world markets in 2014.
The Iraqi markets are the most consumed gold produced in the UAE followed by Turkey, The local gold industry for its inability to compete with the importer and to meet the growing consumer desires and risks faced during the past years.
The main traders are taking the "River Street" in the capital Baghdad, a center, where this trade is administered and distributed throughout the provinces of Iraq, the «largest quantities imported were coming through the airports of Erbil and Sulaymaniyah because of security guarantees, as the banks to transport them to the capital Baghdad, Gold across the Kurdistan region, compared to previous years, a drop of 65 percent ».
According to the statistics of the Directorate of Quality Control of Jewelry in the Ministry of Planning in the region, gold trade in the region declined compared to the last three years, because of the financial crisis and the war against «Daash», as traders were to monthly until 2013 to import more than 400 kilograms of pure gold, But only 50 kilograms are being imported.
The quantity of imported gold from the UAE and Turkey in 2013 from the Erbil and Sulaymaniyah international airports was 114 tons, while in 2014 it was 77 tons, and in 2015 it was 56 tons and last year the quantity imported was only 40 tons. According to observers, traders have stopped Baghdad from importing this metal across the region after the outbreak of the political crisis between the region and Baghdad.
The World Gold Council announced the rise of the world's reserves during the month, pointing out that Iraq has maintained the world's 37th place of global reserves. The world's reserves of gold rose by 133 tons to 33604 tons, while the United States ranked first in the world with 8133 tons, followed by Germany with 3373 tons.
The Council added that «Iraq has maintained the rank of 37 in the world in terms of these reserves out of the 100 countries listed in international financial statistics for global reserves of gold, while also maintained the fifth place in the Arab, came after Saudi Arabia, Lebanon, Algeria and Libya».
The Council noted that "Iraq's reserves of gold remained constant, recording 89.8 tons, representing 7.9 percent of the rest of the currencies." He pointed out that "the last purchase of Iraq from gold was in April 2014, where he bought 15.16 tons.
The central bank decided in early 2014 to develop pure gold alloys weighing between 50 and 1000 grams to be sold to gold traders, investors and segments of society wishing to do so in Iraqi dinar.
The Central Agency for Standardization and Quality Control of Iraq, the conditions for the development of gold to re-manufacture outside Iraq, noting that among the conditions to meet 50 thousand dinars per kilogram of gold.
The economic adviser to the Prime Minister the appearance of Mohammed Saleh, that «Iraq imports annually between 60 and 70 tons of gold, while pointing out that the decline in prices indicates the strength of the Iraqi dinar». "World gold prices have fallen dramatically, making gold prices lower than they were in 1978," he said in a statement. "This is because of the purchasing power of the citizen, which was then low compared to the current time enjoyed by Iraqis with high purchasing power." He explained that "the other reasons that led to the decline in gold prices, is the stability of the Iraqi dinar and its rise, which is linked to the high dollar is also global against other currencies," stressing that «the decline of gold gives an indication of the strength of the Iraqi dinar».
A member of the Committee on Economy and Investment MP Harith al-Harthy said that "the adoption of the Central Bank policy of gold bullion targets other goals is to reduce the rate of inflation of the currency by absorbing the liquidity of the dollar in banks and citizens alike, and turn it into gold, being more stable than The dollar, which is suffering the repercussions of the global economic crisis ». He pointed out that the actual experience has proved the failure of the banking sector in finding new ways or products to invest this huge metal in huge quantities of the Iraqi citizen ». He added that the lack of investment makes it a mere metal held by the citizen for periods of time without benefiting from it, even though Iraq knew the mechanism of lending citizens in exchange for mortgage gold, which is now disappeared ».
Al-Harithi stressed that «Iraq contains huge amounts of gold and even foreign currency, and lack of confidence between citizens and banks make the process of investment of this wealth almost non-existent, and banks to study the subject and find ways to encourage the citizen to resort to the bank and transfer these funds to liquidity invested in major investment projects».
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World reserves of gold rose and Iraq maintains 37th place globally
The World Gold Council announced on Wednesday the rise in the world’s gold reserves during the month of December, pointing out that Iraq has maintained the world’s 37th position of global reserves.
“The world’s reserves of gold rose for the month of December by 133 tons from last November to reach 33 thousand and 604 tons, while the United States ranked first in the world in terms of these reserves, which amounted to 8.133.5 , Followed by Germany with 3.373 tons.
“Iraq has maintained 37th place in the world in terms of these reserves out of the 100 countries listed in the international financial statistics of the world’s gold reserves, while Iraq also maintained the fifth rank in the Arab world, after it came after Saudi Arabia, Lebanon, Algeria and Libya.”
The Council noted that “Iraq’s gold reserves remained stable, recording 89.8 tons, representing 7.9% of the rest of the other currencies,” noting that “the last purchase of Iraq from gold was in April 2014, where he bought 15.16 tons.”
On January 23, 2014, the Central Bank decided to set up a series of pure gold bullion ranging between 50 g and 1000 g for sale to gold dealers, investors and segments of the society wishing to do so in Iraqi dinar.
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Join date : 2011-08-09
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