Iraqi dinar would soon return to what
it was prior to 1980 due to global demand: Banking and Finance
Ministry Head
Posted: February 3, 2013
in Iraqi Dinar/Politics
Tags: Central bank, Central Bank Iraq, Currency, International Monetary Fund, Iraq, Iraqi Central Bank, Iraqi dinar, Precious metal
Tags: Central bank, Central Bank Iraq, Currency, International Monetary Fund, Iraq, Iraqi Central Bank, Iraqi dinar, Precious metal
Official: declining reserves of the Central
Bank of gold does not affect the rate of the dinar
02/02/2013
11:45:00
The head of the Department of
Banking and Finance Ministry Hilal Taan diminishing quantities of central bank
reserves of gold does not affect the price of the local currency.
He
said in a statement to the National Iraqi News / Nina / today: “The basket cash
reserve covering currencies do not include the gold only, but depend on the
dollar and the pound sterling and the euro, in addition to gold bullion.”
He
said: “The Iraqi dinar has been a week before the beginning of the deal by one
of the sites of the U.S. because of the high currency reserves to more than $
67 billion is evidence that the Iraqi currency backed by a strong balance can
not be influenced by declining gold bullion.”
He pointed out that “the dinar
traded in global financial directory sites on the recovery of the currency and
that there is a future for the Iraqi dinar and would soon
return to what it was before 1980 because of the global demand in the global
financial markets.”
The
Iraqi Central Bank denied reports by the media about the low reserves of gold,
stressing that it saw stable over the past several months.
He
said in a statement yesterday he was “no truth to the news reported by some
media on the low bank reserves of gold,” stressing that the reserves now total
29.790 tons.
The
International Monetary Fund (IMF) revealed in a report last week, said Iraq cut
its gold reserves by a quarter to reach 29.9 tonnes in November 2012, pointing
out that the reserves in September and October of last year reached 39.4 tons.
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