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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Iraq enhances gold reserves by 2% in one day, and its holdings jump to 35%

    Rocky
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    Iraq enhances gold reserves by 2% in one day, and its holdings jump to 35% Empty Iraq enhances gold reserves by 2% in one day, and its holdings jump to 35%

    Post by Rocky Mon 29 May 2023, 10:55 am

    Iraq enhances gold reserves by 2% in one day, and its holdings jump to 35%
    • Time: 05/29/2023 16:51:18
       
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    {Economic: Al Furat News} The Central Bank of Iraq boosted gold reserves by about 2% in one day, as part of what it calls a gradual plan to store the precious metal, which is seen as a traditional haven in times of economic crisis.
    The useful summary.. On important news, you can find it on Al-Furat News channel on Telegram.. [You must be registered and logged in to see this link.]
    The Director General of the Investments Department of the Central Bank, Mazen Sabah, revealed in a press statement that: “Iraq bought 2.5 tons of bullion on Thursday, bringing its reserves to 132.73 tons,” pointing out that “the strategy aims to obtain more gold in the second half of the year.” ".
    Sabah explained, "Our current plan is to buy gold in small quantities over several times, and not in a large amount at once."
    Central banks around the world are increasing their bullion holdings amid mounting geopolitical and economic risks.
    Iraq, the second largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC), has resumed its purchases of gold in 2022 after a four-year hiatus, as part of a program to diversify its foreign assets amounting to about $100 billion.
    The Central Bank of Iraq bought 34 tons of gold last June, so that its holdings jumped at once by 35%. It should be noted that the central bank stores bullion with the Bank of England and the Bank of France.
    Sabah hinted that "the central bank's approach is to increase its reserves of gold whenever the price of the precious metal reaches a level that is consistent with investment management guidelines."
    After gold came very close to its record high earlier this month, the precious metal recorded its third consecutive weekly loss, after signs of the strength of the US economy increased the possibility of the Federal Reserve continuing to raise interest rates. The metal's attractiveness is rising for investors looking for returns with low interest rates.
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