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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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    Al-Sudani's advisor identifies the reasons for the fluctuation in the price of gold.. What is the go

    Rocky
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    Al-Sudani's advisor identifies the reasons for the fluctuation in the price of gold.. What is the go Empty Al-Sudani's advisor identifies the reasons for the fluctuation in the price of gold.. What is the go

    Post by Rocky Sat 31 Aug 2024, 6:48 am

    Al-Sudani's advisor identifies the reasons for the fluctuation in the price of gold.. What is the government's position?

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    Economy News - Baghdad
    [rtl]The Iraqi Prime Minister's Advisor for Economic Affairs, Mazhar Mohammed Salih, believes that the reasons for the fluctuation of the price of gold in Iraq are not internal, but rather global, noting that the Iraqi government encourages the import of gold because it is a "safe haven" for wealth.[/rtl]
    [rtl]Saleh said, "At the state or individual level, gold has historically been a safe haven for preserving the purchasing power of wealth, as people keep gold for that purpose."[/rtl]
    [rtl]He added that "the cycle of gold assets between rise and fall is usually slow, and if we take the cycle of assets, we find gold, almost as an average, as it is of constant value among other wealth," explaining that "society has historically been accustomed to keeping gold as a tendency to keep personal wealth."[/rtl]
    [rtl]He pointed out that "the state in the modern era keeps part of its foreign reserves supporting the national currency in gold. For example, Iraq keeps about 148 tons of gold, which constitutes 10% of its foreign currency reserves."[/rtl]
    [rtl]During the past month of February, Iraq's gold reserves witnessed a significant increase, as data from the International Monetary Fund showed that Iraq had increased its holdings of the precious metal by 3,079 tons, bringing the total to 145,661 tons.[/rtl]
    [rtl]He pointed out that "the reserves are a diversified investment portfolio of gold and currencies such as the dollar, euro, pound, yuan, yen, and others," describing this diversity as "based on basic global evidence, and it is not arbitrary."[/rtl]
    [rtl]The Prime Minister's Advisor for Economic Affairs pointed out that "this evidence was made in agreement with the International Monetary Fund, in terms of the percentages of monetary gold that support and are considered a cover for the Iraqi dinar."[/rtl]
    [rtl]Saleh explained that "the global measure for this is 10%," considering gold "not easy for fast payment operations and others, and it is heavy, but it is part of protecting reserves and facing currency value fluctuations."[/rtl]
    [rtl]He stated that "the gold asset cycle is slow, so keeping it protects reserves from currency fluctuations. Iraq is not a maker of gold prices in global markets, but rather a recipient, because we are not a country that possesses gold wealth, but rather we import gold. Therefore, the entry of gold into Iraq is a good wealth that is better than the entry of consumable goods that are of no value and drain resources."[/rtl]
    [rtl]Mazhar Muhammad Salih described gold as “a valuable wealth for the future,” noting that “the gold discovered in the world is approximately 75%, and it is limited and not extensive, so central banks are pushing to keep a minimum amount of gold.”[/rtl]
    [rtl]Regarding the import of gold from abroad, the Prime Minister's Advisor for Economic Affairs said, "The policy of encouraging the entry of gold into Iraq is to import wealth, and as assets they represent good stores of wealth, so the state encourages this and the customs taxes on them are moderate."[/rtl]
    [rtl]Regarding determining the price of gold in Iraq, Mazhar Muhammad Salih explained that “gold markets in Iraq depend on two things: its price in the world and the extent of the rise or fall of the dollar.”[/rtl]
    [rtl]Mazhar Mohammed Saleh confirmed: “We receive foreign visas worth gold and dollars,” considering encouraging the flow of gold to Iraq “a good thing.”[/rtl]
    [rtl]Recently, the price of gold has risen in Iraq, as the price of a mithqal (5 grams) has exceeded 500 thousand Iraqi dinars.[/rtl]


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