An economic expert explains the importance of Iraq’s gold reserves, 30 SEPT

 An economic expert explains the importance of Iraq’s gold reserves

An economic expert explained the importance of gold in the reserves of the Central Bank of Iraq.

Salah Nouri told {Al-Furat News} agency, “The gold reserve is a cover for the national currency in addition to the dollar and the euro, and the Central Bank of Iraq, like the rest of the central banks in the world, invests in gold, with the aim of diversifying the reserve and obtaining returns, by buying and selling in global markets, The first of which is the London market.

He referred to “measuring the central bank’s reserve, that is, the assets it owns, which are gold, the dollar and euro currency, and US Treasury bonds as investments.”

Nouri continued, “As for international transaction settlements, they are mainly made in the dollar currency, and then in the euro currency to a lesser and limited extent.”

The World Gold Council showed in its report this September that gold reserves in Arab countries amounted to 1,515.1 tons, and Iraq ranked fourth with 132 tons after Saudi Arabia, Lebanon, and Algeria.