Economists: CBI maintains large quantities of gold that will support Iraqi economy

Posted by on Oct 23, 2013 | Leave a Comment

 

Baghdad (newsletter). Economist Hazem Al-Nuaimi attributed the reasons for the Central Bank to retain large amounts of gold to avoid the Iraqi economy from the seriousness of the economic crisis that hit some countries in the world, as a safe haven for the national currency.

Nuaimi said (News Agency): that Iraq relies primarily on oil and gas on its economy and its important to cover, because the production disruption, so the Central Bank to retain a greater amount of gold and other currencies to ensure its economy.

He added: the economic situation in the country through the theory of supply and demand for goods is the level of economy in the global market.

It is noted that Iraq has taken a major step to strengthen its reserves of gold to join other central banks from emerging market economies such as Brazil and Russia to diversify foreign reserves

 

 

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