Baghdad (newsletter).The Commission warned the economy and investment/MP/Hussein almerapi, reliance on gold as a monetary reserve rather than the dollar before the Central Bank because it would hurt the national economy and the Iraqi dinar.
Said almerapi (News Agency): the method of retaining large amounts of gold is a double-edged sword sometimes it keeps the bank balance but at the same time would reduce the pumping of the dollar to the local market and thus affect the dinar exchange rate against the dollar.
He added: that Iraq has large cash reserves of hard currency to more than 68 billion dollars, making the national economy immune to the global economic crisis, so there is no need to go about holding gold as a reserve at the Central Bank.
He emphasized: the importance of staying on the balance policy to sell hard currency to preserve the stability of the Iraqi dinar exchange rate against international currencies, i.e. pumping a dollar as the market need.
The Central Bank has announced its possession (30) tonnes of gold, to keep and to avoid the national economy of the seriousness of the global economic crises possible
ikhnews.com
