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Turkey declares achieve advanced steps towards the establishment of the Islamic Gold Exchange
| Sunday February 5, 2017 11:42 |
News / Baghdad
It announced Turkey that it has achieved the preparations for the founding of the "gold exchange" scheme created between Islamic countries and conducted by Turkey and the United Arab Emirates and Malaysia "significant progress."
He said Turkish Minister of Development Lutfi colors, "The new phase includes the Standing Committee of the States Economic and Commercial Cooperation of the Organization of Islamic Cooperation (COMCEC) will be launched after the attainment of the preparations carried out by the three countries, the stage of maturity."
Iraq maintains 37th place globally and Arab fifth of its reserves of goldColors and explained that the Istanbul Stock Exchange began the work in this regard, pointing out that "the Istanbul Stock Exchange continue its work in cooperation with the Dubai Multi Commodities Centre and Bursa Malaysia and has made remarkable progress."
In this context, the planning will be to create a trading platform on the web-based infrastructure with sophisticated technology, and the planned establishment of a special separate company precious metals, according to the Turkish minister.
He proposed in 2014, Turkish President Recep Tayyip Erdogan, the establishment of bourses, gold and real estate among the SCO member states.
The projects are expected to contribute in enhancing financial cooperation among Islamic countries and offer alternative investment opportunities.
According to data from the World Gold Council, Turkey occupies first place among the members of the "COMCEC" the size of gold reserves as reserves of 377.1 tons and ranked 15th among the nations of the world.
Saudi Arabia occupies the second place among the members of the "COMCEC" reserves of 322.9 tonnes of gold , followed by Lebanon and Algeria.
The organization 's second largest intergovernmental organization after the Islamic Cooperation of the United Nationswas founded in 1969 and with a membership of 57 Muslim-majority state.
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