Central» Iraq regains control of the gold market

by **Rocky** Mon 27 Jan 2014, 6:02 am

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Central» Iraq regains control of the gold market

by Rocky Mon 27 Jan 2014, 6:02 am

Central» Iraq regains control of the gold market

BAGHDAD - Naseer Goldfinch

Monday, January 27, 2014

Regained the Central Bank of Iraq after the stop took 12 years, its role in the control of the gold market, having allowed this absence them according to specialists, the dominance of mafias international supply of this precious metal to Iraq and exploit the lack of oversight to flood the market with gold fiddled and in huge quantities, drained the savings of the Iraqi individual.

The central bank decided in consultation with the Committee on Economic Affairs of the Iraqi government, «SEC lineup alloy of pure gold weights ranging between 50 and 1000 g». And began contracting procedures for imported to be sold through the banking system, and this measure is one of the tools of monetary policy.

The previous system was in control of the gold trade in Iraq, passed through strict instructions imposed on traders to get what they need through the purchase of the Central Bank, which was forced to practice trade does not fall within its competence.

He pointed out that traders imported quantities of gold over the past years is almost the largest in the history of Iraq, as it has never been absorbed by the markets of Baghdad and the provinces amounts exceed 50 tons per year.

He economists that the increase in demand for buying gold in Iraq «a good indicator to the recovery of the living situation of people who started with savings for fear of possible aftershocks in the price of the Iraqi dinar, or the U.S. dollar».

And specializes in what is known as Street «river» the center of Baghdad and is adjacent to the headquarters of the Iraqi Central Bank as a distributor of the head went to all the cities on what the president announced a gold dealer Adnan compassionate, stressing that trade this article «differed greatly from what it was before the fall of the former regime».

He explained that the central bank was the body responsible for the import of gold by 2003, and was put controls many of the trade, including oversight of workshops drafting and periodic inspection and indicate the actual need, as well as security controls, such as follow-up those who withdraw from the market quantities outside the framework of the familiar and the follow-up buy and sell prices ». He said that the trader «Pat free

After that year import quantities commensurate with the size of the demand in the market ».

He pointed out that the rates of compassionate import «ranging from 1.5 tons of gold a week, any 5 tons per month, of which four across the UAE and the remaining quantity of Kuwait, India, Italy, Iran and Turkey. Finally also began importing from Brazil, but it is not desirable in the market, because gold rates lower than those generally accepted ».

And the reasons for the Iraqi citizens to demand preference for savings instead of gold dinar and the dollar, the expert said that Haider Dawood citizen and because of the many twists in the national currency as a result of wars and international sanctions, no longer trust preferred currency and gold is being valued international ». He attributed the increased demand to «high rates of income».

The Minister of Planning and Development Cooperation Ali Shukri acknowledged the reluctance of importers of gold from subjecting their goods for examination within the Central Agency for Standardization, and cite their fear of targeting during transport operations, stressing that «the quantities imported annually between 40 and 50 tons».

He denied Shukri response to inquiries parliamentary regarding the mechanisms of control on the import of gold and manufactured and sold in Iraq, «sale of gold less than its specific global cross-market« ounces », as well as the existence of mechanisms for import of gold only entry from the border crossing points and moved to the centers of wholesale quality to conduct lab tests them, and labeling of the Iraqi-based stigma. But pointed out that «traders do not adhere to this paragraph and invoke the seriousness of the transfer of jewelery by the Central Agency».

He did not rule Shukri, the existence of fraud in the market, pointing out that «fraud and manipulation exist since the creation in 2003, as a result of the difficulty of applying the law because of the poor security situation. Although it seized fake gold jewelry in some workshops and has taken legal action against the owners. But so far, not controlling any device marking owned by the owners of the workshops or goldsmiths aim of forging products. The security force arrested a number of suspects counterfeit trading, gold jewelry, and seized two workshops cheated gold in Baghdad.

A spokesman for the Interior Ministry Col. Saad Maan Ibrahim, in a statement received «life» copy of it, that the subunits of the Directorate of combat economic crime in the ministry «managed in cooperation with the Central Agency for Standardization and Quality Control of tuning two workshops cheated material gold, and the arrest of the owners red-handed, and recorded the statements of the accused and confessed to the charges against them explicitly.They stressed that they are not licensed by the Central Agency for Standardization and Quality Control and have suspicious transactions ». susgt ended

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