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A government advisor reveals the volume of gold flowing into Iraq annually
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Economy News - Baghdad
Today, Wednesday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, announced the volume of gold accumulated by the public and the gold flowing into Iraq annually, while noting that monetary gold is managed within the sovereign investment portfolio.
Saleh said, "The development of the positive economic conditions in the country after 2003, and the flow of oil revenues and other resources over the last twenty years, led to a change in the gold wealth equations and the demand for it on a large scale again," stressing that "the monetary authority today retains more than 132 tons of monetary gold.
Saleh confirmed, in an interview with the official news agency, that "keeping monetary gold is an important possession that represents an aspect of monetary policy measures and its optimal management of the investment portfolio from the country's foreign reserves."
He added, "International guiding evidence and regulations, especially those approved by multilateral international financial institutions, indicate that monetary gold reserves are between 7-10 percent of total foreign reserves, and monetary gold is managed within the sovereign investment portfolio," noting that "this percentage It comes because it is devoid of returns compared to foreign currencies and investing in them with international financial instruments.
Regarding the flow of gold and worked gold into the country, Saleh stated, "Initial estimates indicate that there is an annual average flow of gold and worked gold into the country, especially of the desired high karat, at least 50 tons per year."
And he continued by saying: “What means the existence of a wealth of gold stored by families or the public with the accumulated historical gold that can be estimated between 1200-1500 tons of gold and perhaps more, which is equivalent to at least ten times the official monetary gold.”
He pointed out, "The market value of one ton of gold (of 24 karat) today in the global gold markets exceeds $6 million."
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Added 05/31/2023 - 1:40 PM
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Economy News - Baghdad
Today, Wednesday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, announced the volume of gold accumulated by the public and the gold flowing into Iraq annually, while noting that monetary gold is managed within the sovereign investment portfolio.
Saleh said, "The development of the positive economic conditions in the country after 2003, and the flow of oil revenues and other resources over the last twenty years, led to a change in the gold wealth equations and the demand for it on a large scale again," stressing that "the monetary authority today retains more than 132 tons of monetary gold.
Saleh confirmed, in an interview with the official news agency, that "keeping monetary gold is an important possession that represents an aspect of monetary policy measures and its optimal management of the investment portfolio from the country's foreign reserves."
He added, "International guiding evidence and regulations, especially those approved by multilateral international financial institutions, indicate that monetary gold reserves are between 7-10 percent of total foreign reserves, and monetary gold is managed within the sovereign investment portfolio," noting that "this percentage It comes because it is devoid of returns compared to foreign currencies and investing in them with international financial instruments.
Regarding the flow of gold and worked gold into the country, Saleh stated, "Initial estimates indicate that there is an annual average flow of gold and worked gold into the country, especially of the desired high karat, at least 50 tons per year."
And he continued by saying: “What means the existence of a wealth of gold stored by families or the public with the accumulated historical gold that can be estimated between 1200-1500 tons of gold and perhaps more, which is equivalent to at least ten times the official monetary gold.”
He pointed out, "The market value of one ton of gold (of 24 karat) today in the global gold markets exceeds $6 million."
Views 42
Added 05/31/2023 - 1:40 PM
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