Central Bank decides "SEC gold bullion" to sell investors and segments of society

by **Rocky** Thu 23 Jan 2014, 6:57 am

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Post n°1

Central Bank decides "SEC gold bullion" to sell investors and segments of society

by Rocky Thu 23 Jan 2014, 6:57 am

Central Bank decides "SEC gold bullion" to sell investors and segments of society

Author: ASJ
Editor: BS 23/1/2014 two eighteen p.m.number of readings: 40

Long-Presse / Baghdad

Decided to CBI, on Thursday, "coined a variety of gold bullion" to sell gold to dealers, investors and segments of Iraqi society, as he emphasized that "this action represents Tools monetary policy of the Bank."

According to a statement to the CBI received (range Press) a copy of it, he was "for the purpose of diversification means savings to the public and to provide large quantities of gold from Mnashye sober sold to dealers in gold, investors and society Bdinaralaraca decided the bank's board in consultation with the Committee on Economic Affairs seeks a variety of gold bullion ranging weights between (5 g and 1000 g). "

The statement added that "the Bank began contracting procedures for gold bullion imported and then sold through the banking system," noting that "this action represents a monetary policy tools of the central bank."

In the view of economists that the entry to the World Gold Iraq is a positive case for the revitalization of the gold market deal in Iraq, especially as the gold market was not affected by the Iraqi gold to enter the United Arab Emirates and Turkey.

The Iraqi Central Bank revealed in (September 22, 2013) announced the arrival of its reserves of foreign currency and gold to about 80 billion dollars, while attributed to an increase in global oil prices, the reserve is expected to increase over the coming months.

The International Monetary Fund, it was announced, in (the 23 of March 2013), the financial assets preventive in the Development Fund for Iraq rose in 2012 to 18 billion dollars, and cash reserves of the central bank's hard currency to $ 70 billion, attributing the increase to the "revenue oil unexpected. "

Financial experts confirmed that Iraq's stockpiles of reserve funds have covered liquidity over the past years, calling for the government to adopt alternative ways to cover the deficit, including recourse to the application of the secondary market policies that have been agreed with the government.

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by **Proven** Thu 23 Jan 2014, 2:26 pm

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Post n°2

Re: Central Bank decides "SEC gold bullion" to sell investors and segments of society

by Proven Thu 23 Jan 2014, 2:26 pm

Part of the plan to raise the value of the dinar:

September 05, 2012
Expert: sale of gold coins through the central bank will raise the value of the dinar .. Parliamentary Economic Commission is seeking to activate the ATM project
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[ltr]The head of the parliamentary Economic Committee Ahmed al-Alwani, said that his committee will address the relevant authorities in order to activate the project ATM in the country. Alwani said (of the Agency news) on Tuesday: that this project, which was scheduled to work it for years in order to facilitate the receipt of financial benefits to the citizen stopped for several reasons related to the reality of Iraq. He stated: The Committee plans to address those responsible for the activation of its work to achieve the aspirations of the banking sector in the construction of a sophisticated, surprising of «the absence of support previously experience». He said al-Alwani: that this experience worthwhile and support was supposed to keep up with developments experienced by the world, calling to benefit from the experiences of other countries in this aspect ».
The ATM atm is one of the basics of modernism in the banking sector, and was scheduled to be circulated in Iraq since 2008.
On the other hand stressed the economic expert Akram Abdel Aziz, to ask the Central Bank of the idea of selling gold coins in the banks on the citizens will contribute to raise the value of the Iraqi dinar against the U.S. dollar. Said Abdul Aziz (of the Agency news) on Tuesday: The sale of gold coins by the Central Bank The Iraqi banks will contribute to raising the value of the Iraqi dinar against the U.S. dollar by pulling the dinar from citizens who are buying gold and lack of display of the dinar in the Iraqi market contributes to increase the demand for the dinar and tight supply. added: Iraq, according to statistics the central bank has the ratio of up to ( 30) trillion Iraqi dinars block cash surplus led to oversupply and lack of demand and the devaluation of the Iraqi dinar against the U.S. dollar, indicating that the index liquidity monetary mass in Iraqi banks exceeded (51%) did not find their way to employ what I paid pressing toward raising the prices of goods and create a state of inflation Iraqi economic market. explained: The sale of gold coins will help to absorb inflation and the depreciation of the exchange rate of the U.S. dollar against the Iraqi dinar and reduces pressure on the price of goods in the Iraqi market.
On the other hand, affirmed the decision of the Economic Commission MP / coalition of Kurdish blocs / Mahma Khalil, that all customs agreements concluded with Iran or the other will not work in Iraq because of the enactment of the tariff in the country, noting such agreements do not serve the national economy, but just doors propaganda more than be a professional. Iraq had signed a memorandum of understanding customs joint venture with Iran in the Conference of the Non-Aligned Movement held in Tehran with the participation of Iraq. Khalil said (of the Agency news) on Tuesday: that the federal government refuses to work tariff, which was enacted in Council Deputies year (2010), stressing there is a desire and seriousness by the Iraqi government not to deal law tariff new and stay to work on the old law in place since (1955)., and added that the memorandum of understanding customs agreement with the Iranian side will not serve the national economy as long as the Tariff Act Customs new has not been implemented so far, stressing can not be the continuation of old laws because every period of time different from that preceded every circumstance needs to appropriate laws to him. pointed out: that the national economy today differed greatly from what it was in the past or since the introduction of the Tariff Act Year (1955), pointing out that trade with either Iran or Turkey or Jordan increased significantly from the previous requires the application of the Tariff Act for the protection of the local product, Flaimkn a country like Iraq has the second largest economy in the region are no where legally tariff.
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