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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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    Why does Iraq import large quantities of gold?

    Rocky
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    Why does Iraq import large quantities of gold? Empty Why does Iraq import large quantities of gold?

    Post by Rocky Thu 05 Dec 2024, 4:12 am

    [size=35][size=35]Why does Iraq import large quantities of gold?[/size]
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    [You must be registered and logged in to see this link.]News - Economy

    Today, Thursday, the head of the "Iraq Al-Mustaqbal" Foundation for Economic Studies and Consultations, Manar Al-Obaidi, revealed the reasons for importing...[You must be registered and logged in to see this link.]Large amounts of gold.


    Al-Abidi said in a tweet that I followed:[You must be registered and logged in to see this link.]News, according to export data[You must be registered and logged in to see this link.]Specifically the Emirates[You must be registered and logged in to see this link.]Which has become[You must be registered and logged in to see this link.]A source of value for Iraq. We find that more than 42% of exports[You must be registered and logged in to see this link.]Emirates to[You must be registered and logged in to see this link.](Which will reach more than $40 billion by the end of the year) is the yellow metal (gold).



    *Why is it imported?[You must be registered and logged in to see this link.]These quantities of gold?
    Al-Abidi explains that the main reason for importing these quantities is to use it as an alternative to[You must be registered and logged in to see this link.]In trade with each other[You must be registered and logged in to see this link.]Which are prohibited to deal with in banking and as a result of the lack of[You must be registered and logged in to see this link.]Cash in the markets is replaced by importing gold from abroad.[You must be registered and logged in to see this link.]Then, this precious metal is traded commercially.

    He added that the expected value of gold purchased from the Emirates[You must be registered and logged in to see this link.]By the end of 2024, it will be between 12-18 billion US dollars, in addition to mobile phones, the volume of exports from the UAE alone ranges between 6-8 billion US dollars, and thus there are approximately 20-24 billion dollars of goods that are imported, a large part of which is not used for local consumption but is reused in foreign trade exchanges, which is a successful alternative that traders have exploited, which has led to reducing the pressure on[You must be registered and logged in to see this link.]cash and thus reducing demand for it in the local market.

    This has affected inflation rates in[You must be registered and logged in to see this link.]Which fell to less than 3% as a result of the ability to import goods from various parties that are prohibited from dealing with banks using gold and mobile phones, part of which is imported through the banking sector system and thus at the official exchange rate and is used for commercial purposes and trade exchange with some countries, according to Al-Ubaidi, who says that this is the main reason for the increase in imports.[You must be registered and logged in to see this link.]Of the yellow metal (gold) and with a growth rate of more than 50% compared to the previous year, other reasons are added to it, including the hedging that the citizen seeks for his savings in times of crises, so he tends to buy gold instead of keeping the local currency, and also the disappearance of[You must be registered and logged in to see this link.]Cash from the market.

    He explained that this matter is considered an important factor, but it does not compare to the size of the user in covering foreign trade transactions, and there is no alternative for Iraq except through establishing an electronic clearing system between it and[You must be registered and logged in to see this link.]Which are prohibited from dealing with banks, and then there will be no need for these complex mechanisms to cover trade exchange without the need to pass through the global banking system and the inability to cover imports from these[You must be registered and logged in to see this link.]
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