Thursday, February 19, 2015

IRAQI DINAR 123 NEWS :CBI Wants to Use Gold as a Cover for Deletion of Zeros, 19 FEB

Iraqi Dinar 123 News: – The Central Bank of Iraq investing in hard currency cash reserves by purchasing gold. The major factor is the downfall in gold prices globally over the past months, which moved Iraq to transform its reserves, because gold is the safer way to stabilize its economy and to maintain the local currency value. The Council also announced that during 2014, the International gold of 48 tons purchased by the Iraqi Central Bank.
The Iraqi Central Bank should buy gold, said by a number of specialists and experts in the Financial and Economic Affairs. They also said that buying gold is a much safer way in maintaining the local currency and it is considered a positive fact. The Global Economy has been facing a major downfall after big decline in the gold prices. A parliamentary finance committee member Tariq Rashid said that the Central Bank of Iraq should buy a large amount of gold to stabilize the currency and to support the eliminate zeros from the Iraqi currency. He also said that buying a large amount of gold is way to maintain balance between the U.S dollar and Iraqi dinar currency.

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